The National President of the Nigeria Union of Pensioners (NUP), Godwin Abumisi, has highly commended President Bola Tinubu following the Federal Government’s approval and disbursement of N39.6 billion to clear long-standing pension liabilities.
The significant payout targets retired public servants under the Defined Benefit Scheme (DBS), addressing years of inherited arrears. The announcement came following a joint confirmation on Friday by the Pension Transitional Arrangement Directorate (PTAD) and the Federal Ministry of Finance.
Speaking in an exclusive interview with TVC News shortly after the official announcement, the NUP President expressed profound gratitude on behalf of the nation’s retirees. He noted that the administration’s promptness in releasing the funds has restored faith in the country’s social welfare systems.
“We are very happy with the present government. No president in Nigeria has achieved as much as His Excellency, Bola Tinubu. No other president has done as much as he has for us,” Abumisi stated.
The NUP leader further emphasized that since the current administration took office, elderly citizens have experienced unprecedented stability, with monthly pensions being paid consistently without the agonizing delays that characterized past administrations.
According to official statements from PTAD Executive Secretary, Tolulope Odunaiya, and the Minister of Finance, Taiwo Oyedele, the N39.6 billion funding completely liquidates major inherited liabilities from several defunct government-owned agencies.
The N25.05 Billion allocated to clear a 35-month pension liability owed to 9,675 eligible retirees of the defunct Nigerian Telecommunications Limited (NITEL) and its mobile subsidiary, MTEL. N9.48 Billion was distributed as an initial 50% payment of Back End Computation (BEC) arrears to 3,959 eligible Power Holding Company of Nigeria (PHCN) pensioners.
An amount of N5.09 Billion was disbursed to settle the balance of the 10.66% and 12.95% pension increment arrears due to 11,180 eligible retirees across Assurance Bank, NICON, NITEL, and the defunct People’s Bank of Nigeria.
The massive fiscal intervention follows a presidential directive originally granted in August 2025, which was officially codified and funded under the 2026 Appropriation Act.
PTAD Executive Secretary Tolulope Odunaiya described the milestone as a core triumph of the administration’s “Renewed Hope Agenda,” noting that it successfully “closes the chapter” on these inherited historical liabilities.
Echoing her sentiments, Finance Minister Taiwo Oyedele added that the payments represent more than just a financial settlement. “For many pensioners, this is the restoration of confidence and dignity,” Oyedele stated, reinforcing the government’s stance on maintaining prudent fiscal management while fiercely protecting vulnerable senior citizens.
