Tinubu Administration Clears ₦39.63bn Pension Arrears for Former NITEL, MTEL, PHCN Workers, Others
The Federal Government under the administration of President Bola Tinubu has approved and disbursed ₦39.63 billion to settle outstanding pension liabilities owed to 24,814 eligible retirees under the Defined Benefit Scheme (DBS).
The payment was confirmed in a statement issued on Friday by the Federal Ministry of Finance. The beneficiaries include pensioners of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance and the defunct People’s Bank of Nigeria.
According to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the payment reflects the government's commitment to improving the welfare of retired public servants and ensuring they rec...










