The Pension Transitional Arrangement Directorate (PTAD) has commenced the payment of the N32,000, pension increments for eligible pensioners under the Defined Benefit Pension Scheme (DBS) effective from September this year.
The payment followed the partial release by the Federal Government of N20.188 billion out of the approved N45 billion emergency funding for the retirees.
The management of the Directorate in a statement commended President Bola Tinubu for approving the emergency funding allocation to implement the pension increments as well as other reforms to enhance the welfare of the beneficiaries and redefine the future of the Defined Benefit Scheme (DBS) pension administration.
It also Directorate also lauded the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief of Staff to the President, Hon. Femi Gbajabiamila; Special Adviser to the President on Revenue, Dr. Zacch Adedeji; Accountant-General of the Federation, Mr. Shamseldeen Ogunjimi; the Senate Committee on Establishment & Public Service; the House Committee on Pensions; and other stakeholders for their commitment, timely interventions that facilitated the implementation of the pension increments.
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Similarly, the PTAD thanked the leadership of the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) for their cooperation while its management diligently worked to secure the release of funds.
The Directorate assured all DBS pensioners and stakeholders that it would continue to collaborate with the relevant authorities towards timely release of the outstanding approved funds and subsequent fulfillment of all future obligations relating to the pension increments and landmark reforms.
