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Nitel/Mtel Pensioners gets N12.9bn part payment

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The Pension Transitional Arrangement Directorate (PTAD) has announced payment of N12.3 billion to 11,145 retired workers of Nitel and Mtel.

PTAD Executive Secretary, Chioma Ejikeme disclosed this in a statement on Friday.

According to him the payment was part of the outstanding sixty-three (63) months of inherited unfunded pension liabilities to NITEL/Mtel pensioners leaving a balance of 48 months yet to be settled.

The statement reads, “A total of N12,393,567,595.80 (Twelve Billion Three Hundred and Ninety-Three Million Five Hundred and Sixty-Seven Thousand Five Hundred and Ninty-Five Naira Eighty Kobo only) representing 15-months settlement of inherited unfunded pension liabilities to 11,145 Nitel/Mtel pensioners.”

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“In 2018 and after 12 years of uncertainty post privatization, PTAD onboarded ex-workers of NITEL/Mtel to the monthly pension payroll in fulfillment of President Muhammadu Buhari’s commitment to ensuring that all eligible pensioners get their entitlements. At the onset, the inherited unfunded pension liability for NITEL/MTEL stood at 84-months.

“So far, the President Muhammadu Buhari-led government through PTAD has cleared 36-months out of the inherited arrears as follows 1-month in 2019; 6-months in 2020; 14-months in 2021 and 15-months in 2022.”

Ejikeme further gave the assurance that the backlog of NITEL/Mtel inheritied pension liabilities will continue to be cleared subject to available funds.

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