The Federal Government has disbursed N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), according to the Pension Transitional Arrangement Directorate (PTAD).
The payment covers outstanding arrears from the 13.8 per cent and 20.55 per cent pension increases approved for retirees of the defunct Power Holding Company of Nigeria (PHCN) and five other former agencies.
PTAD spokesperson, Olugbenga Ajayi, disclosed this in a statement issued over the weekend, noting that N9.42 billion went to 7,391 former PHCN pensioners, while N4.46 billion was paid to 11,431 retirees from five other agencies.
According to the Directorate, the PHCN beneficiaries received 65 months of arrears relating to the 13.8 per cent increase, covering June 1, 2021, to October 31, 2026.
The second payment settled 22 months of arrears arising from the 20.55 per cent increase, covering January 1, 2025, to October 31, 2026.
Beneficiaries of the latter payment include pensioners from the People’s 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 through a circular dated January 14, 2026.
The Directorate described the disbursement as part of the Federal Government’s efforts to improve the welfare of retired workers and address longstanding pension issues.
It also commended President Bola Tinubu for his attention to the welfare of pensioners, assuring beneficiaries of its continued commitment to timely pension payments and efficient administration of retirement entitlements.
