The Federal Ministry of Finance, led by Minister Taiwo Oyedele, has approved the disbursement of N39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, marking a significant step in resolving long-standing pension liabilities.

The Pension Transitional Arrangement Directorate (PTAD) executed the payments under the supervision of the Federal Ministry of Finance, prioritizing the settlement of verified pension obligations.

This move provides relief to beneficiaries across Nigeria, ensuring retired public servants receive the benefits they earned through decades of service.The payment covers three categories of outstanding pension obligations: N25.05 billion to clear 35-month liabilities for NITEL/MTEL pensioners, N9.48 billion as initial 50% payment for PHCN BEC arrears, and N5.09 billion for increment arrears from defunct institutions like Assurance Bank and NICON Insurance.

Oyedele emphasized that the payment reflects the government's commitment to honoring retirees' sacrifices and restoring confidence in pension systems.

The minister also commended PTAD's efficiency in implementing the directive, highlighting the importance of institutional collaboration in public service.

This action aligns with President Tinubu's Renewed Hope Agenda, aiming to improve retirees' welfare and ensure accountability in pension administration.