The Pension Transitional Arrangement Directorate (PTAD) has paid ₦13.87 billion in outstanding pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), covering payments owed between June 2021 and October 2026.
The directorate disclosed this in a statement issued on Sunday in Abuja by its Head of Corporate Communications, Olugbenga Ajayi, saying the payments cover arrears from the 13.8 per cent and 20.55 per cent pension increases approved by President Bola Tinubu. The payments are aimed at settling outstanding increases owed to retirees of defunct government agencies.
Ajayi said ₦9.42 billion was paid to 7,391 pensioners of the defunct Power Holding Company of Nigeria (PHCN).
He explained that the payment covers 65 months of arrears arising from the 13.8 per cent pension increment, covering June 1, 2021, to October 31, 2026.
Similarly, ₦4.46 billion was disbursed to 11,431 DBS pensioners from five defunct agencies.
The beneficiaries include eligible pensioners of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
According to Ajayi, the payment represents 22 months of arrears arising from the 20.55 per cent pension increment, covering January 1, 2025, to October 31, 2026.
He said both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) through a circular dated January 14, 2026.
Ajayi described the payments as a demonstration of the Federal Government’s commitment to the welfare of senior citizens.
He said the intervention also reflected the administration’s determination to address longstanding pension issues and ensure retirees receive their entitlements with dignity.
Ajayi further reiterated PTAD’s commitment to efficient pension administration, timely payment of entitlements and continuous improvement in the welfare of Defined Benefit Scheme pensioners
