The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87bn in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS).
The payment covers outstanding arrears arising from 13.8 percent and 20.55 percent pension increases approved for former workers of the defunct Power Holding Company of Nigeria (PHCN) and five other government agencies.
In a statement on Sunday, PTAD’s Head of Corporate Communications, Olugbenga Ajayi, said N9.42bn was paid to 7,391 former PHCN pensioners, covering 65 months of arrears from June 2021 to October 2026.
Another N4.46bn was paid to 11,431 pensioners from five defunct organizations to settle 22 months of arrears, covering January 2025 to October 2026.
The affected organizations are the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
PTAD said the two pension increases were approved by the National Salaries, Incomes and Wages Commission in a circular dated January 14, 2026.
The directorate said the disbursement was part of the Federal Government’s efforts to settle outstanding pension obligations and improve the welfare of retirees under the Defined Benefit Scheme.
It also reaffirmed its commitment to ensuring timely payment of pension entitlements and improving pension administration.
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