By Michael Oche
The Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) has praised President Bola Ahmed Tinubu for approving the payment of more than N39 billion to settle outstanding liabilities under the Defined Benefit Scheme (DBS), describing the move as a major relief for thousands of pensioners.
Nigerian Pilot reports that the payment, announced on Friday by the Pension Transitional Arrangement Directorate (PTAD), includes N25.05 billion representing a 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL, emerging as the largest component of the intervention.
In a statement jointly signed by its President-General, Elder Benjamin Maisamari Amako, and General Secretary, Mr. Franklin Erinle, FEPPPAN described the approval as a significant step toward improving the welfare, dignity and financial security of retirees whose pension entitlements had remained unpaid for several years.
FEPPPAN also commended the Pension Transitional Arrangement Directorate (PTAD), the National Assembly, the Federal Ministry of Finance, the Budget Office of the Federation, the Office of the Accountant-General of the Federation and other relevant government institutions for their respective roles in facilitating the successful implementation of the presidential approval.
According to FEPPPAN, the over N39 billion settlement includes N25.05 billion paid to clear the outstanding 35-month pension liabilities of eligible pensioners of the defunct NITEL/MTEL, N9.48 billion representing the first tranche of the Back End Computation (BEC) arrears for eligible PHCN pensioners and N5.09 billion covering the outstanding balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to eligible pensioners of the defunct Assurance Bank, NICON, NITEL and People’s Bank of Nigeria.
The association said President Tinubu’s approval was “a clear demonstration of the President’s commitment to the welfare of pensioners under the Renewed Hope Agenda and a significant step towards restoring the dignity, confidence and financial security of retirees who devoted the greater part of their productive years to the service of the nation.”
It added that the settlement “represents not only the liquidation of inherited financial liabilities but also the restoration of hope to thousands of retirees and their families who had patiently awaited the fulfilment of government’s obligations.”
FEPPPAN specifically commended PTAD for what it described as its professionalism in implementing the presidential approval through the verification of beneficiaries, computation of entitlements and seamless disbursement of the approved funds.
It equally applauded the National Assembly for making the necessary budgetary provisions through the 2026 Appropriation Act and acknowledged the collaborative roles played by the Federal Ministry of Finance, the Budget Office of the Federation, the Office of the Accountant-General of the Federation and other government institutions.
