Latest Insurance News

Pension Transitional Arrangement Directorate Saves N2.1 billion For FG

okonjo-iweala-ngozi

The Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, on Thursday, February 26, disclosed that the federal government has saved the sum N2.1 billion within the last one year through the Pension Transitional Arrangement Directorate (PTAD) by plugging leakages in pension funds management.

The PTAD is an independent agency responsible for the management of federal pensions under the defined benefit scheme (DBS).

The Minister, who spoke in Abuja, at a one-day stakeholders’ forum organised by the directorate said the significant savings recorded by PTAD was made possible by the agency’s reliance on technology, which saw the removal of over 15,000 duplicate or ghost pensioners from its payroll as well as its commitment to entrench world class financial management practices in the management of pension funds.

She added that the efficiency gains recorded in the new system had enabled government to include additional 1,254 pensioners from three liquidated steel rolling mills to the pay-roll.

Meanwhile, she assured that all outstanding pension arrears for retired civil servants would be paid to them by the federal government.

 

You Might Also Like

Leave a Reply