Nigeria: PTAD Disburses N1.73 Billion to Pensioners Under Defined Benefit Scheme

Abuja — The Pension Transitional Arrangement Directorate (PTAD) said it has disbursed a total of N1.73 billion to 54,206 eligible pensioners under the Defined Benefit Scheme (DBS).

This marked the full settlement of arrears arising from the N32,000 pension increment approved by the National Salaries, Incomes and Wages Commission (NSIWC), which took effect from July 29, 2024.

In a statement, PTAD Head, Corporate Communications,

Olugbenga Ajayi, the directorate also noted that it successfully completed payment of the outstanding one-month arrears of the N32,000 pension increment beneficiaries.

Under the Parastatals Pension Department (PaPD), 25,804 DBS pensioners were paid a total of N825.72 million, bringing the total arrears paid to PaPD Pensioners to the full 13 months due.

Similarly, under the Tertiary Education and Health Pension Department (TEHPD), 28,402 DBS Pensioners were paid a total of N908,864,000 bringing the total arrears paid to TEHPD Pensioners to the full thirteen (13) months due.

The arrears, applicable to DBS Pensioners under both PaPD and TEHPD, covered a thirteen (13)-month period from August, 2024 to August, 2025.

The statement noted that PTAD had earlier paid 12 months of these arrears in phases between December 2024 and December 2025.

With this final payment, all outstanding obligations of the N32,000 pension increment have now been fully settled, it noted.

The directorate further reiterates that DBS Pensioners from Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, NITEL/MTEL, Petroleum Training Institute (PTI), and PHCN, who have already benefited from pension increases of 10.66 per cent and 12.95 per cent respectively, are exempted from the N32,000 pension increment, as stated in the NSIWC Circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024.

The statement also reaffirmed the directorate's commitment to ensuring the welfare and dignity of DBS pensioners through transparency, accuracy, and timely pension administration in line with President Bola Ahmed Tinubu's Renewed Hope agenda.

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