Pension: FG begins payment of N17bn to NITEL workers

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The Federal Government on Monday began the payment of N17bn pension to workers and retirees of the Nigerian Telecommunications Limited and its mobile subsidiary, the Nigerian Mobile Telecommunications Limited.
At the Abuja venue of the payment exercise undertaken by the Office of the Accountant-General of the Federation and the Bureau of Public Enterprises, workers who had spent less than 10 years, who were excluded from the exercise sought to disrupt the process.
The National Council on Privatisation had in February approved the initial payment of N8bn out of the outstanding N17bn of the five-year pension buy-out of former staff of NITEL and M-Tel.
The council, chaired by Vice- President Goodluck Jonathan, had directed the liquidator of NITEL’s non-core assets to take immediate steps to remit the N8bn realised from the sales of the non-core assets to the Office of the Accountant-General of the Federation to commence the payment.
However, the full payment could not begin until another N9bn was obtained from the issuance of bonds by the Ministry of Finance in collaboration with the Debt Management Office.
The Federal Government had in 2007 used the N53.51bn net proceeds from the sale of 51 per cent of both companies to Transcorp to address the entitlement of workers.

(Source:Punch)

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