By Stella Odueme
The Pension Transitional Arrangement Directorate (PTAD) has disbursed ₦13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS).
The payment covers outstanding arrears arising from the 13.8 per cent and 20.55 per cent pension increments approved for pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other defunct government agencies.
According to a statement issued on Sunday, and signed by the Head of Corporate Communications, PTAD, Olugbenga Ajayi, the directorate paid ₦9.42 billion to 7,391 former PHCN pensioners.
The amount represents 65 months of arrears arising from the 13.8 per cent pension increment, covering the period from June 1, 2021, to October 31, 2026.
Similarly, ₦4.46 billion was paid to 11,431 DBS pensioners, representing 22 months of arrears arising from the 20.55 per cent increment for the period between January 1, 2025, and October 31, 2026.
The beneficiaries under the second category comprise eligible pensioners of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
PTAD stated that both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) in a circular dated January 14, 2026.
The directorate described the payments as part of the Federal Government's commitment to improving the welfare of senior citizens who served the country, adding that the intervention was in line with President Bola Tinubu's Renewed Hope Agenda.
It also acknowledged the President's attention to the welfare of DBS pensioners, noting that his administration's commitment to addressing longstanding pension anomalies had facilitated the settlement.
PTAD reiterated its commitment to efficient pension administration, timely payment of entitlements and continuous improvement in the welfare of Defined Benefit Scheme pensioners.