The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), covering outstanding payments arising from approved increases for former workers of the defunct Power Holding Company of Nigeria (PHCN) and five other agencies.
The payments comprise N9.42 billion paid to 7,391 former PHCN pensioners and N4.46 billion disbursed to 11,431 retirees from five defunct agencies, according to a statement signed by Olugbenga Ajayi, Head of Corporate Communications at PTAD.
‘The Pension Transitional Arrangement Directorate (PTAD) has paid ?13,873,565,547.52 (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 statement read
The directorate said the former PHCN workers received 65 months of arrears arising from a 13.8 percent pension increment, covering the period from June 1, 2021, to October 31, 2026.
The second tranche of N4.46 billion represents 22 months of arrears arising from a 20.55 percent pension increase, covering January 1, 2025, to October 31, 2026.
The beneficiaries of the 20.55 percent increment are 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 (NSIWC) in a circular dated January 14, 2026.
The payments bring the total arrears disbursed under the two increments to N13.87 billion, with the former PHCN pensioners accounting for about 68 percent of the total amount.
The directorate said the disbursements reflected the Federal Government’s commitment to improving the welfare of retirees and ensuring that pensioners under the Defined Benefit Scheme receive their entitlements.
It also credited the administration of President Bola Tinubu with supporting efforts to address outstanding pension obligations and improve pension administration.
PTAD reaffirmed its commitment to the timely payment of pension entitlements and the continuous improvement of the welfare of retirees under the Defined Benefit Scheme.