The Federal Government has disbursed more than ₦39 billion in inherited pension liabilities under the Defined Benefit Scheme, providing long-awaited relief to thousands of pensioners from several defunct government-owned institutions and financial establishments.

According to the breakdown, the payments cover outstanding pension obligations owed to retirees of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the defunct People’s Bank of Nigeria.

The government said ₦25.05 billion was paid to settle 35 months of pension arrears owed to 9,675 eligible NITEL/MTEL pensioners.

Another ₦9.48 billion was released as the first 50 percent payment of Back End Computation arrears for 3,959 eligible PHCN pensioners.

In addition, ₦5.09 billion was paid to clear the outstanding 10.66 percent and 12.95 percent pension increment arrears owed to 11,180 eligible retirees from Assurance Bank, NICON, NITEL, and the defunct People’s Bank of Nigeria.

The payment forms part of the Federal Government’s efforts to clear inherited pension obligations and improve the welfare of retirees who have waited years for their outstanding entitlements.

Beneficiaries have welcomed the development, expressing hope that the government will continue to address remaining pension liabilities promptly and ensure that retirees receive their benefits without unnecessary delays.