The Pension Transitional Arrangement Directorate (PTAD) has reported that it disbursed N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), covering increases of 13.8 per cent and 20.55 per cent approved by the present administration.
The Directorate, in a statement issued on Sunday and signed by its Head of Corporate Communications, Olugbenga Ajayi, indicated that the payments covered eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other former government agencies.
According to the statement, a total of N13,873,565,547.52 was disbursed to settle the outstanding arrears arising from the two pension increments from June 1, 2021, to October 31, 2026.
Of the amount, N9,417,596,784.69 was paid to 7,391 pensioners of the defunct PHCN, representing 65 months of arrears arising from the 13.8 per cent pension increment, while N4,455,968,762.83 was disbursed to 11,431 DBS pensioners in settlement of 22 months of arrears arising from the 20.55 per cent pension increment.
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The PTAD listed the beneficiaries as pensioners from five defunct agencies, namely Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
It confirmed that both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) in a circular dated January 14, 2026.
Describing the payments as a demonstration of the Federal Government’s commitment to the welfare of senior citizens who served the country, the PTAD maintained that the President Bola Tinubu-led administration remained committed to ensuring that pensioners under the DBS continue to receive their entitlements promptly.
The Directorate reaffirmed its commitment to efficient pension administration, timely payment of entitlements and continuous improvement in the welfare of DBS pensioners.
