The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said that the Federal Government was committed to ensuring the full liquidation of outstanding arrears due to the ex-workers of three defunct agencies.

Ahmed said this at the official finalisation payment of inherited unfunded liabilities to pensioners of defunct agencies, organised by the Pension Transitional Arrangement Directorate (PTAD) in Abuja on Tuesday.

“I am happy to oversee the completion of the payment of the outstanding liabilities due to 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,” Ahmed said.

She said that the funds that was used to offset the liabilities were recovered pension assets held by insurance underwriters and other local and international investment agencies.

“Some measures of success have 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 minister commended the directorate for the achievements and urged them to remain focused in their recovery efforts.

She also commended President Muhammadu Buhari for all his efforts and his constant support to the senior citizen.

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

“We will also settle significant portion of the outstanding liabilities due to ex-worker 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 to 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.

Ejikeme reassured the three defunct agencies that the directorate was fully committed to the full liquidation of the outstanding arrears due to them after these payments.

She commended the president, minister of finance, committees of Senate and House of Representatives on pension and oversight committees for their constant support.

Chairman Senate Committee on Establishment and Public Service, Sen. Ibrahim Shekarau, urged the pensioners to relax as all benefits due to them would be settled.

The Chairman, House Representative Committee on Pension, Hon. Kabiru Rurum, promised to always support the directorate and urged them to continue with the good work.

The News Agency of Nigeria (NAN) reports that there was jubilation at the venue of the event, as many of the beneficiaries shouted for joy, confirming that they had received payment alerts.

President-General of Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPPAN), Chief Temple Ubani, said they were happy to receive the payment.

“We have been struggling for this payment for over three decades. I am very happy we have received it right in the hall.”

He commended the president and other stakeholders for their support.