PTAD puts unfunded pension liabilities at N90bn

By Etuka Sunday

The Pension Transitional Arrangement Directorate (PTAD) has disclosed that the federal government still owe over N90 billion pension liabilities.

This, it said was accumulation of pension liabilities of 265 parastatals under the Defined Benefit Scheme.

Director, Parastatals Pension Department, PTAD, Alhaji Yusuf Umar, disclosed this in Abuja at a workshop organised for the Pension Correspondents Association of Nigeria (PENCAN).

He explicated that the outstanding shows that the defunct Nigeria Telecommunications Limited/ MTEL with over 11,000 pensioners had the largest outstanding liability of N73 billion, followed by Delta Steel Company with N7.9 billion.

According to him, Nicon Insurance had liability of N4.9 billion, Nigeria- Reinsurance had 24 months arrears worth N1.1 billion as well as New Nigeria Newspaper with pension liability of N2. 9 billion among others.

He explained that the outstanding reveals that the defunct Nigeria Telecommunications Nitel/Mtel has the largest with N73bn unfunded liability which translates to 81 percent.

According to him, others are Delta steel N7. 9bn, NICON Insurance N4. 9bn and New Nigeria Newspaper N2.9bn, adding that there are currently 92,373 pensioners drawn from 265 agencies under the PTAD.

He stated that the amount remains a concern for the directorate, adding that several engagements were ongoing to offset the liabilities.

‘’This has continued to be an issue for the Directorate, further discussions are ongoing with the government. So far a lot of progress has been made in this direction, ‘’ he said.

On the newly launched ‘’I AM ALIVE CONFIRMATION’’,  the Deputy Director of Pension Support Services Department, PSSD, Mrs. Amina Abdullahi said, the scheme has recorded tremendous progress. 

She said, the application is convenient, easily accessible, secures authentication, takes short time, saves cost, and allows PTAD to periodically update the pensioner database.

Earlier, the Executive Secretary of PTAD, Dr. Chioma Ejikewe during her welcome address stressed that the importance of the media to the operations of PTAD cannot be over-emphasized.

The ES who was represented by Mr. Abdallah Abubakar said that the workshop was organised to adequately informed the journalists about the Act establishing PTAD, the mandate, and the different operational departments in the Directorate.

She called on the journalists to work with PTAD to ensure that this mandate is fulfilled as it’s the directorate’s intention to foster the already-robust relationship between PTAD and the Media to correct all misrepresentations and inform them of the next steps to take as we work hard to ensure that the welfare of our pensioners is sustained.

‘’Pension management in Nigeria is a very sensitive issue, and PTAD has been at the forefront since inception, ensuring that the welfare of pensioners under the Defined Benefit Scheme remains a priority.

‘’As our partner in progress, we rely on the media, especially our reporters, to work with us to ensure that this mandate is fulfilled. 

“It is our intention to foster the already-robust relationship between PTAD and the Media, correct all misrepresentations and inform them of the next steps we intend to take as we work hard to ensure that the welfare of our pensioners is sustained”, she said.