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).
The payment covers outstanding arrears arising from the 13.8 per cent and 20.55 per cent pension increments approved for retirees of the defunct Power Holding Company of Nigeria (PHCN) and five other government agencies.
In a statement issued on Sunday, November 1, 2026, by Olugbenga Ajayi, PTAD said it paid ₦9.42 billion to 7,391 PHCN pensioners, representing 65 months of arrears covering June 1, 2021, to October 31, 2026.
The Directorate also disbursed ₦4.46 billion to 11,431 pensioners from five defunct agencies to settle 22 months of arrears arising from the 20.55 per cent increment.
The beneficiaries comprise 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) in a circular dated January 14, 2026.
The Directorate described the payments as part of the Federal Government’s commitment to improving the welfare of senior citizens who served the country.
It said the administration of President Bola Tinubu remained committed to ensuring that retirees under the Defined Benefit Scheme received their entitlements promptly and with dignity.
PTAD also commended Tinubu for his attention to pensioners’ welfare, noting that the administration was working to address longstanding pension anomalies and fulfil the government’s obligations to retired workers.
The Directorate reaffirmed its commitment to efficient pension administration, timely payment of entitlements and continuous improvement in the welfare of DBS pensioners.
