The Pension Transitional Arrangement Directorate (PTAD) says it has paid N13.87 billion in pension-increment arrears to 18,822 retirees under the Defined Benefit Scheme.
Its head of corporate communications, Olugbenga Ajayi, announced the payments in a statement issued on Sunday.
The largest allocation, N9.42 billion, went to 7,391 pensioners of the defunct Power Holding Company of Nigeria (PHCN). It covers a 13.8 per cent increase for June 2021 to October 2026, a period of 65 months.
A further N4.46 billion went to 11,431 pensioners from five defunct organisations: People’s Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
That group’s payment covers a 20.55 per cent increase for January 2025 to October 2026, or 22 months.
Ajayi said both increases were approved through a National Salaries, Incomes and Wages Commission circular dated 14 January.
The payment concerns pension-rate adjustments, rather than the earlier PHCN back-end computation settlement. PTAD did not give a date for settling any remaining liabilities.
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