Bamidele Dave, Abuja
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), covering outstanding payments arising from approved pension increases for former Power Holding Company of Nigeria (PHCN) workers and retirees of five defunct agencies.
The payment comprises ₦9.42 billion to 7,391 former PHCN pensioners and ₦4.46 billion to 11,431 retirees from other defunct government agencies.
According to a statement issued by PTAD and signed by its Head of Corporate Communications, Olugbenga Ajayi, the PHCN pensioners received 65 months of arrears arising from the 13.8 per cent pension increment, covering June 2021 to October 2026.
The second tranche of ₦4.46 billion represents 22 months of arrears from the 20.55 per cent pension increment, covering January 2025 to October 2026.
The beneficiaries under this category are retirees of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
PTAD said both pension increments 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 address outstanding pension obligations and improve the welfare of retirees under the Defined Benefit Scheme.
It added that it remained committed to ensuring timely payment of pension entitlements and improving pension administration for retired public servants.
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