The Federal Government has disbursed ₦39.63 billion to 24,814 eligible pensioners under the Defined Benefit Scheme, ending years of waiting for thousands of retirees.
The Pension Transitional Arrangement Directorate carried out the payments under the supervision of the Federal Ministry of Finance, following a directive from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to prioritise verified pension liabilities.
In a statement Friday, the Ministry said the exercise brings relief to beneficiaries nationwide.
Oyedele said the payment reflects the administration’s resolve to ensure retired public servants get the benefits they earned.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice, and giving thousands of pensioners and their families the reassurance that they have not been forgotten,” said Efe Ovuakporie, Head of Information and Public Relations at the Ministry, quoting the Minister.
The disbursement covered three categories of outstanding obligations ₦25.05 billion paid to clear 35 months of outstanding pension liability owed to 9,675 eligible DBS pensioners.
In PHCN₦9.48 billion paid as the initial 50% of Back-End Computation arrears due to 3,959 eligible DBS pensioners. Assurance Bank, NICON, NITEL, People’s Bank*: ₦5.09 billion paid as the outstanding 50% balance of 10.66% and 12.95% pension increment arrears due to 11,180 eligible DBS pensioners.
For many beneficiaries, the payments end years of uncertainty and will help cover family needs, medical bills, and daily living costs.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently, and a story that deserves a positive ending,” Oyedele said. “We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended PTAD’s management and staff for prompt implementation, calling it “evidence of what can be achieved when institutions work together in the public interest.”
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available,” he said.
PTAD Director-General Tolulope Odunaiya said the Directorate remains focused on efficient pension administration and thanked the Minister for his leadership and support.
The Ministry said the latest payment is another step in the Federal Government’s efforts to improve retiree welfare and deliver meaningful outcomes under President Bola Tinubu’s administration.
