The Pension Transitional Arrangement Directorate (PTAD) has paid ₦13,873,565,547.52 in pension increment arrears to 18,822 Defined Benefit Scheme (DBS) Pensioners.
The payment reflects the accrued arrears arising as a result of the 13.8% and 20.55% increments to PHCN Pensioners and Pensioners from some of the Defunct Agencies under PTAD, a statement from PTAD said.
The Directorate disbursed a total of ₦9,417,596,784.69 to 7,391 Pensioners of the defunct Power Holding Company of Nigeria (PHCN), representing 65 months of arrears arising from the 13.8% pension increment, covering the period from 1st June 2021 to 31st October 2026.
Similarly, a total of ₦4,455,968,762.83 was disbursed to 11,431 DBS Pensioners in settlement of 22 months of arrears arising from the 20.55% pension increment, covering the period from 1st January 2025 to 31st October 2026. The beneficiaries comprise eligible Pensioners of five (5) agencies: Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
Both increments were duly approved by the National Salaries, Incomes and Wages Commission (NSIWC) in a circular dated 14th January, 2026.
These payments are clear demonstrations of the Federal Government’s commitment to the welfare of senior citizens who served this nation diligently. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, the Federal Government remains determined to ensure that DBS Pensioners receive their entitlements promptly and with dignity.
PTAD also appreciates the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, whose compassion and sustained attention to the welfare of DBS Pensioners have made this intervention possible. His administration’s resolve to correct long-standing pension anomalies and to honour the nation’s obligations to its senior citizens reflects a government that values service.
PTAD remains committed to ensuring efficient pension administration, the timely payment of pension entitlements and the continuous improvement of the welfare of DBS Pensioners.
