Pension: FG announces plans to liquidate outstanding arrears for defunct agencies

The Federal Government announced that it plans to ensure full liquidation of outstanding arrears due ex-workers of the remaining three defunct agencies.

This was announced by The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja recently at the Pension Transitional Arrangement Directorate (PTAD), according to NAN.

She disclosed this during the official finalisation payment of inherited unfunded liabilities to pensioners of defunct agencies.

Ahmed said, “I am happy to oversee the completion of the payment of the outstanding liabilities due ex-workers of two defunct agencies namely- Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited.

“Ex-workers of another three defunct agencies will receive a significant portion of the outstanding liabilities due to them and they are NICO Insurance Corporation, Delta Steel Company Limited and NITEL/MTEL.”

She added that ome measure of success has been made in the recovery effort and the amount repatriated from Crown Agents of the United Kingdom has been the most substantial to date.

The Executive Secretary of PTAD, Dr Chioma Ejikeme, said that 126 inherited months were completely liquidated for Nigeria Reinsurance Corporation and 219 inherited months liquidated for New Nigeria Newspapers Limited.

Adding that the FG will also settle significant portions of the outstanding liabilities due ex-workers of another three defunct agencies, NICO Insurance Corporation, Delta Steel Company Limited and NITEL/MTEL.

“PTAD has paid off the outstanding balance of the pension entitlements due ex-workers of Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminium Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank,” she said.