The Pension Transitional Arrangement Directorate (PTAD) on Thursday announced that aggregate pension liabilities of 265 parastatals under the Defined Benefit Scheme (DBS) was over N90 billion.
PTAD Director, Parastatals Pension Department, Alhaji Yusuf Umar, made the disclosure during a workshop for the Pension Correspondents Association of Nigeria (PENCAN) in Abuja.
According to Umar, pensioners of defunct Nigeria Telecommunications Limited/ MTEL were the largest, with over 11,000 pensioners with an outstanding liability of N73 billion while Delta Steel Company had a liability of N7.9 billion.
A further analysis revealed that Nicon Insurance had liability of N4.9 billion, Nigeria- Reinsurance had 24 months arrears worth N1.1 billion, including New Nigeria Newspaper with pension liability of N2. 9 billion among others.
Other parastatals included the Nigeria National Shipping Line (NNSL) with 953 pensioners owed N1.2 billion, Aluminium Smelter Company Limited ( ALSCON) with 2,000 pensioners had cumulative pension liability of N467 million, Nigeria Aviation Handling Company (NAHCO) N467 million, defunct Assurance Bank with 935 pensioners is being owed with N570 million while Federal Housing Authority ( FHA) had N389 million liability.
Umar noted that the N90 billion would finance 92,000 pensioners of federal agencies.
Despite the huge arrears, he noted that so much progress had been made in cutting down the liabilities.
He stated that the introduction of the Biometric Verification Number (BVN) has helped in eliminating ghost pensioners.
He noted that the directorate had taken off pensioners operating microfinance bank accounts and demanded all pensioners to open banks account with conventional Deposit Money Banks.
He also stated that the directorate through the elimination of ineligible pensioners from the payroll has helped the Federal Government save over N20 billion.
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