For thousands of Nigerian senior citizens, the long and agonizing wait is finally over.
In a landmark move that brings immense relief to retirees of defunct the federal parastatals, President Bola Ahmed Tinubu has authorized the full settlement of over N39 billion in inherited pension liabilities.
The massive payout, executed through the Pension Transitional Arrangement Directorate (PTAD), marks the end of decades-old financial struggles for pensioners of NITEL, MTEL, PHCN, and several other government agencies.
This decisive action aligns with the
administration’s “Renewed Hope” agenda, prioritizing the welfare and dignity of the nation’s elderly.
The comprehensive settlement addresses several long-standing debts under the Defined Benefit Scheme (DBS).
The largest portion of the funds, a staggering N25.05 billion, has been disbursed to 9,675 eligible pensioners of the defunct NITEL and MTEL, clearing a 35- month outstanding pension liability.
Additionally, 3,959 eligible pensioners from the Power Holding Company of Nigeria (PHCN) received N9.48 billion, representing the initial 50% payment of their Back End Computation (BEC) arrears.
Another N5.09 billion was paid to 11,180 pensioners from the defunct Assurance Bank, NICON, NITEL, and People’s Bank of Nigeria, covering the 50% balance of their 10.66% and 12.95% pension increment arrears.
Tolulope Odunaiya, the Executive Secretary of PTAD, has praised the President’s visionary leadership and steadfast support.
She emphasized that this milestone has successfully resolved all longstanding inherited pension liabilities, restoring confidence in the Defined Benefit Pension Scheme.
“Under the President’s leadership, the Directorate has successfully resolved all
longstanding inherited pension liabilities, bringing lasting relief to thousands of DBS Pensioners,” Odunaiya stated.
The groundwork for this monumental payout was laid in August 2025 when President Tinubu granted the necessary approvals.
The required funding was subsequently secured and appropriated under the 2026 Appropriation Act, ensuring that the promises made to these senior citizens were backed by concrete financial commitment.
As the funds hit the accounts of the beneficiaries, the atmosphere among the pensioner community is one of profound gratitude and renewed faith.
For many, this N39 billion settlement is not just a fulfillment of a government obligation; it is a lifeline that guarantees their social protection and well-being in their twilight years.
