PTAD Settles ₦1.73bn Arrears for 54,206 Pensioners
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PTAD Settles ₦1.73bn Arrears for 54,206 Pensioners
By Alabidun Shuaib AbdulRahman
The Pension Transitional Arrangement Directorate, PTAD has announced the full settlement of outstanding arrears arising from the ₦32,000 pension increment approved for retirees under the Defined Benefit Scheme.
The agency disclosed on Monday that it disbursed a total sum of ₦1.73bn to 54,206 eligible pensioners, marking the completion of all payments linked to the increment approved by the National Salaries, Incomes and Wages Commission, which took effect from July 29, 2024.
In a statement signed by the Head of Corporate Communications, Olugbenga Ajayi, the directorate said the latest payment covered the final one-month arrears owed to beneficiaries.
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According to the statement, “A total sum of ₦1,734,592,000 (One Billion, Seven Hundred and Thirty-Four Million, Five Hundred and Ninety-Two Thousand Naira only) has been disbursed to 54,206 eligible Defined Benefit Scheme pensioners, marking the full settlement of arrears arising from the ₦32,000 pension increment.”
A breakdown of the payments showed that pensioners under the Parastatals Pension Department received ₦825.73m, with 25,804 beneficiaries fully paid their 13-month arrears.
Similarly, 28,402 pensioners under the Tertiary Education and Health Pension Department were paid ₦908.86m, bringing their total arrears settlement to 13 months.
The directorate explained that the arrears covered a 13-month period from August 2024 to August 2025, noting that 12 months had earlier been paid in phases between December 2024 and December 2025.
“With this final payment, all outstanding obligations of the ₦32,000 pension increment have now been fully settled,” the statement added.
PTAD, however, clarified that some categories of pensioners were exempted from the increment.
It listed the affected groups to include retirees from the defunct Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, NITEL/MTEL, Petroleum Training Institute, and the Power Holding Company of Nigeria.
The agency explained that the exemption was in line with the NSIWC circular issued on September 27, 2024, as the affected pensioners had already benefited from separate pension increases of 10.66 per cent and 12.95 per cent.
Reaffirming its commitment to pensioners’ welfare, the directorate said it would continue to ensure transparency, accuracy and timely payment of entitlements.
“PTAD remains committed to ensuring the welfare and dignity of Defined Benefit Scheme pensioners through efficient pension administration in line with the Federal Government’s Renewed Hope Agenda,” the statement said.
