The Pension Transitional Arrangement Directorate (PTAD) has paid ₦13.87bn in outstanding pension increment arrears to 18,822 retirees, including former workers of the defunct Power Holding Company of Nigeria and five other agencies.
The disbursement comprises ₦9.42bn paid to 7,391 PHCN pensioners and ₦4.46bn shared among 11,431 retirees from five defunct agencies.
The PHCN beneficiaries received arrears arising from a 13.8 per cent pension increase, covering 65 months from June 1, 2021, to October 31, 2026.
The other beneficiaries received arrears resulting from a 20.55 per cent increment, covering 22 months from January 1, 2025, to October 31, 2026.
They comprise eligible pensioners of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
PTAD disclosed the payments in a statement by its Head of Corporate Communications, Olugbenga Ajayi.
The directorate said the two pension increases were approved by the National Salaries, Incomes and Wages Commission in a circular dated January 14, 2026.
The payment is part of efforts to settle outstanding entitlements owed to retirees under the Defined Benefit Scheme, which covers eligible public-sector workers whose pensions are calculated based on their qualifying service and salary history.
PTAD said the disbursement reflected the Federal Government's commitment to improving the welfare of senior citizens and addressing outstanding pension obligations.
The directorate also reaffirmed its commitment to timely payment of pension entitlements and improved administration of the Defined Benefit Scheme.
Discussion0