KEY POINTS
- PTAD disbursed N13.87 billion in pension increment arrears to 18,822 Defined Benefit Scheme pensioners.
- PHCN retirees received N9.42 billion covering 65 months of arrears.
- Another N4.46 billion went to 11,431 pensioners from five defunct agencies.
MAIN STORY
The Pension Transitional Arrangement Directorate (PTAD) has paid N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), covering outstanding entitlements from June 2021 to October 2026.
The directorate disclosed this in a statement issued by its Head of Corporate Communications, Olugbenga Ajayi, on Sunday in Abuja.
The payments cover arrears arising from pension increases of 13.8 per cent and 20.55 per cent approved by President Bola Tinubu.
Of the total amount, N9.42 billion was paid to 7,391 pensioners of the defunct Power Holding Company of Nigeria (PHCN). The payment covers 65 months of arrears arising from the 13.8 per cent increment, from June 1, 2021, to October 31, 2026.
Another N4.46 billion was disbursed to 11,431 pensioners from five defunct agencies: Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
According to PTAD, the second payment covers 22 months of arrears arising from the 20.55 per cent increment, covering January 1, 2025, to October 31, 2026.
THE ISSUES
The payments address outstanding pension increases owed to retirees under the Defined Benefit Scheme, including former employees of PHCN and five defunct public-sector institutions.
The two increments were approved by the National Salaries, Incomes and Wages Commission through a circular dated January 14, 2026.
The PHCN payment accounts for the larger share of the disbursement, with N9.42 billion paid to 7,391 beneficiaries. The other N4.46 billion was shared among 11,431 pensioners from the five defunct agencies.
WHAT’S NEXT
PTAD reiterated its commitment to improving pension administration, paying entitlements on time and improving the welfare of DBS pensioners.
The directorate also said the payments reflected the Federal Government’s commitment to addressing longstanding pension anomalies and ensuring retirees received their entitlements.
BOTTOM LINE
The N13.87 billion disbursement clears specified pension increment arrears for 18,822 DBS retirees, with PHCN pensioners accounting for N9.42 billion of the payment.
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