PTAD Disburses ₦13.87bn Pension Increment Arrears to 18,822 Retirees
Oru Leonard
The Pension Transitional Arrangement Directorate (PTAD) has disbursed ₦13.87 billion in outstanding pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), in a move aimed at improving the welfare of senior citizens.
The payment covers arrears arising from the 13.8 per cent and 20.55 per cent pension increases approved by President Bola Ahmed Tinubu for eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other government agencies.
According to a statement issued by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, on November 1, 2026, the Directorate paid ₦9.42 billion to 7,391 former PHCN pensioners, covering 65 months of arrears from June 1, 2021, to October 31, 2026.
Similarly, ₦4.46 billion was paid to 11,431 pensioners from five defunct agencies, representing 22 months of arrears arising from the 20.55 per cent increment, covering January 1, 2025, to October 31, 2026.
The beneficiaries include eligible retirees of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
PTAD explained that both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) through a circular dated January 14, 2026.
The Directorate described the payments as evidence of the Federal Government’s commitment to addressing outstanding pension obligations and improving the living conditions of retired public servants.
It added that the intervention aligns with President Tinubu’s Renewed Hope Agenda, which prioritises the welfare and dignity of senior citizens who devoted their productive years to national service.
PTAD also acknowledged the President’s support and commitment to resolving longstanding pension-related challenges, noting that his administration’s intervention had facilitated the settlement of the outstanding entitlements.
The Directorate reaffirmed its commitment to efficient pension administration, prompt payment of entitlements and sustained improvement in the welfare of Defined Benefit Scheme pensioners.
