Tinubu Govt Clears Outstanding Pensions For Ex-NITEL/MTEL Workers, Others

The Federal Ministry of Finance confirmed the development in a statement issued on Friday, noting that the payments were processed through the Pension Transitional Arrangement Directorate (PTAD) in line with a directive to prioritise the clearance of verified pension obligations.

The funds cover outstanding entitlements owed to retirees of defunct organisations including the Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), the Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance, and the defunct People’s Bank of Nigeria.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the payment as a demonstration of the federal government’s commitment to the welfare of pensioners, stressing that the initiative goes beyond financial figures to restoring dignity and confidence among retirees.

He noted that the disbursement addressed three major categories of pension arrears accumulated over the years, including ₦25.05 billion paid to clear 35 months of outstanding pension liabilities owed to 9,675 NITEL/MTEL retirees.

He further explained that ₦9.48 billion was released as the initial 50 per cent payment of Back-End Computation arrears to 3,959 PHCN pensioners, while ₦5.09 billion was paid as the remaining balance of pension increment arrears owed to 11,180 retirees from Assurance Bank, NICON Insurance, NITEL, and People’s Bank of Nigeria.

Oyedele reiterated that the administration remains committed to ensuring that retirees receive their entitlements, adding that every payment reflects the government’s recognition of years of public service and sacrifice.

He commended PTAD for the smooth execution of the disbursement, stating that effective collaboration between institutions was key to achieving results in the public interest.

The Director-General of PTAD, Tolulope Odunaiya, also expressed appreciation to the Ministry of Finance for its support, noting that the agency remains focused on efficient pension administration and timely settlement of verified obligations.