The Federal Government has paid more than ₦39 billion in inherited pension liabilities owed to thousands of pensioners under the Defined Benefit Scheme, as part of the ongoing efforts of President Bola Ahmed Tinubu’s administration to improve the welfare of retirees.

The payment covers 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.

According to official figures, ₦25.05 billion was paid to settle a 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL and MTEL.

In addition, ₦9.48 billion was released as the initial 50 per cent payment of Back-End Computation arrears owed to 3,959 eligible PHCN pensioners.

The Federal Government also paid ₦5.09 billion to cover the balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of Assurance Bank, NICON, NITEL, and the defunct People’s Bank of Nigeria.

The payments are part of ongoing efforts by the Tinubu administration to clear longstanding pension obligations, address inherited liabilities, and ensure that retirees receive their entitlements promptly.

Officials said the move reflects the government’s commitment to improving the welfare of pensioners and strengthening confidence in the country’s pension administration system.