FG Clears N39.6bn Pension Arrears For NITEL, PHCN, Bank Retirees

The Federal Government says it has cleared N39.6 billion in inherited pension arrears owed to more than 24,000 retirees under the Defined Benefit Scheme.

Premium Times and Punch reported that the payments covered former workers of defunct public enterprises and financial institutions, including NITEL, MTEL, PHCN, Assurance Bank, NICON and People’s Bank.

The Pension Transitional Arrangement Directorate said N25.05 billion settled 35 months of arrears for 9,675 eligible NITEL and MTEL pensioners.

It said N9.48 billion covered the first 50 per cent instalment of Back-End Computation arrears for 3,959 eligible PHCN pensioners, while N5.09 billion cleared pension increment arrears for 11,180 retirees of Assurance Bank, NICON, NITEL and People’s Bank.

The payments were presented as relief for pensioners who had waited years for inherited liabilities tied to defunct enterprises and institutions.

PTAD Executive Secretary Tolulope Odunaiya said presidential approval was granted in August 2025, with funding provided through the 2026 Appropriation Act.

Sources: Premium Times, Punch