The Pension Transitional Arrangement Directorate, PTAD, has paid N13,873,565,547.52 (Thirteen Billion, Eight Hundred and Seventy-Three Million, Five Hundred and Sixty-Five Thousand, Five Hundred and Forty-Seven Naira, Fifty-Two Kobo) 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.
The Directorate said it disbursed a total of N9,417,596,784.69 (Nine Billion, Four Hundred and Seventeen Million, Five Hundred and Ninety-Six Thousand, Seven Hundred and Eighty-Four Naira, Sixty-Nine Kobo) 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, it said that a total of N4,455,968,762.83 (Four Billion, Four Hundred and Fifty-Five Million, Nine Hundred and Sixty-Eight Thousand, Seven Hundred and Sixty-Two Naira, Eighty-Three Kobo) 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.
It added that 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.
According to the Directorate, 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 President Bola Tinubu, the Federal Government remains determined to ensure that DBS Pensioners receive their entitlements promptly and with dignity.
PTAD said it also appreciates the leadership of Tinubu, whose compassion and sustained attention to the welfare of DBS Pensioners have made this intervention possible, adding that the 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 said it remains committed to ensuring efficient pension administration, the timely payment of pension entitlements and the continuous improvement of the welfare of DBS Pensioners.
