PTAD Says It Paid ₦13.87bn in Pension Arrears to 18,822 Retirees
PTAD says the payments cover pension increases owed to former PHCN workers and eligible retirees from five other agency groups.
The Pension Transitional Arrangement Directorate says it has paid ₦13.87 billion in pension-increment arrears to 18,822 retirees under the Defined Benefit Scheme.
According to a November 1 statement reported by PUNCH, PTAD’s Head of Corporate Communications, Olugbenga Ajayi, said the payments covered adjustments for pensioners of the defunct Power Holding Company of Nigeria and five other agency groups.
Two Groups, Different Arrears Periods
PTAD’s reported breakdown puts the payment to 7,391 former PHCN pensioners at ₦9,417,596,784.69.
That amount covers 65 months of arrears arising from a 13.8 per cent pension increment, spanning June 2021 to October 2026.
A further ₦4,455,968,762.83 was reported paid to 11,431 pensioners for 22 months of arrears arising from a 20.55 per cent increment, covering January 2025 to October 2026.
The second group comprises eligible pensioners from Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
PTAD said both increments were approved through a National Salaries, Incomes and Wages Commission circular dated January 14, 2026. IDNN has not independently inspected that circular.
What the Payment Covers
The arrears represent the difference between previous pension payments and the higher rates applicable during the stated periods. They are not 65 or 22 months of wholly unpaid pensions.
The announcement does not establish that every pensioner under PTAD qualifies for this payment or that all outstanding pension obligations have been cleared.
The two reported amounts total ₦13,873,565,547.52, which rounds to ₦13.87 billion. Together, the two groups account for the announced 18,822 beneficiaries.
PTAD Pledges Timely Payments
PTAD described the payments as part of its efforts to address outstanding obligations and improve retirees’ welfare. The directorate also pledged to strengthen pension administration and timely payment of entitlements.
IDNN has not independently verified individual beneficiaries’ receipt of the payments. The announcement did not specify each pensioner’s entitlement or account-credit date.