Tinubu approves payment of N13.87bn pension arrears to 18,822 retirees

The Federal Government has paid N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), the Pension Transitional Arrangement Directorate (PTAD) has said. The payment covers outstanding arrears arising from the 13.8 per cent and 20.55 per cent pension increments approved by President Bola Tinubu for pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other defunct agencies. In a statement issued by its Spokesperson, Olugbenga Ajayi, over the weekend, PTAD said a total of N13,873,565,547.52 was disbursed to the beneficiaries, comprising N9.42 billion paid to 7,391 former PHCN pensioners and N4.46 billion to 11,431 pensioners from five other agencies. According to the Directorate, the N9.42 billion payment represents 65 months of arrears arising from the 13.8 per cent increment, covering June 1, 2021, to October 31, 2026. Similarly, the N4.46 billion disbursement settles 22 months of arrears arising from the 20.55 per cent increment, covering January 1, 2025, to October 31, 2026. The beneficiaries of the latter payment are pensioners of the People’s Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL. PTAD said both 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 a demonstration of the Federal Government’s commitment to the welfare of senior citizens who served the country, adding that it remained determined to ensure that retirees receive their entitlements promptly and with dignity. It also commended President Tinubu for his attention to the welfare of DBS pensioners, noting that his administration was committed to addressing long-standing pension anomalies and fulfilling the government’s obligations to retired workers. “PTAD remains committed to ensuring efficient pension administration, the timely payment of pension entitlements and the continuous improvement of the welfare of DBS Pensioners,” it added. Tags:

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