PTAD Reveals N90 Billion Pension Liabilities Under FG

Yemisi Izuora

The Pension Transitional Arrangement Directorate, PTAD, has revealed that a total of N90 billion is being owed as pension liabilities from 265 parastatals.

The agency said the N90 billion would be required to settle 92,000 pensioners of agencies of government.

From this amount, PTAD said pensioners of defunct Nigeria Telecommunications Limited/ MTEL with over 11,000 pensioners has the highest outstanding pension liability of N73 billion followed by the defunct Power Holding Company of Nigeria (PHCN) with over 10,000 pensioners, Delta Steel Company with pension liability of N7. 9 billion Nicon Insurance N4.9 billion Nigeria- Reinsurance with 24 months arrears totalling N1.1 billion and New Nigeria Newspaper with pension liability of N2. 9 billion.

Other parastatals and their outstanding pension liabilities are Nigeria National Shipping Line (NNSL) with 953 pensioners being owed pension liability of N1.2bn, Aluminium Smelter Company Limited ( ALSCON) with 2,000 pensioners having cumulative pension liability of N467m, Nigeria Aviation Handling Company (NAHCO)N467m, defunct Assurance Bank having 935 pensioners with total pension liability of N570m and Federal Housing Authority ( FHA) having total pension liability of N389m.

The figures were confirmed on Thursday by PTAD Director in charge of Parastatals Pension Department, Alhaji Yusuf Umar in Abuja.

Notwithstanding the huge amount of unfunded pension liability, Umar said a lot of progress had been recorded in area of reducing pension liability by PTAD.

He said a number of steps were taken in arriving at the progress.

He explained that pensioners were required to submit their BVN, noting that those who failed to provide BVN were removed from pension payroll.

Umar said the Directorate in addition, removed pensioners operating microfinance banks and requested all pensioners to open account with conventional Deposit Money Banks.

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