PTAD Pays N13.87bn Pension Arrears to 18,822 Retirees

The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87bn in outstanding pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS).

The beneficiaries include pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other government-linked organisations.

The payments followed the implementation of 13.8 per cent and 20.55 per cent pension increases, with some retirees receiving arrears accumulated over five years.

This was disclosed in a statement issued on Sunday by PTAD’s Head of Corporate Communications, Olugbenga Ajayi.

According to the statement, the directorate paid a total of N13,873,565,547.52 to the beneficiaries, following pension adjustments approved by the National Salaries, Incomes and Wages Commission.

A breakdown showed that N9.42bn was paid to 7,391 pensioners of the defunct PHCN as arrears arising from a 13.8 per cent pension increase.

The payments covered 65 months, from June 1, 2021, to October 31, 2026.

Although PHCN pensioners accounted for 39.3 per cent of the total beneficiaries, they received approximately 67.9 per cent of the amount disbursed.

PTAD also paid N4.46bn to 11,431 pensioners from five other defunct organisations to settle 22 months of arrears resulting from a 20.55 per cent pension increase.

The affected organisations are the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.

The arrears covered the period from January 1, 2025, to October 31, 2026.

The statement noted that the two pension increases were approved by the National Salaries, Incomes and Wages Commission in a circular dated January 14, 2026.

PTAD said the disbursements formed part of its efforts to clear outstanding pension obligations and improve the welfare of retirees who served in government establishments.