PTAD disburses N13.87 billion pension increment arrears to 18,822 retirees

The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS). This payment covers outstanding entitlements through October 2026, as per a PTAD statement released on Sunday in Abuja. The arrears result from two pension increments approved by President Bola Tinubu: a 13.8% increase and a 20.55% increase.

These payments address pension increases dating back to June 2021, varying for retirees of the defunct Power Holding Company of Nigeria (PHCN) and five other defunct agencies. The N9.42 billion allocated to former PHCN pensioners corresponds to 65 months of arrears from the 13.8% increment, spanning from June 1, 2021, to October 31, 2026.

Both pension increments received approval through a National Salaries, Incomes and Wages Commission (NSIWC) circular dated January 14, 2026. PTAD emphasizes these payments as a commitment to enhancing the welfare of senior citizens and rectifying historical pension anomalies. The directorate aims to ensure retirees receive their due with dignity, reflecting the administration's dedication to efficient pension administration and continuous improvement in the well-being of DBS pensioners.

PTAD's recent disbursement follows earlier efforts to settle pension arrears and adjust retirement benefits for eligible pensioners under the Defined Benefit Scheme.