The Pension Transitional Arrangement Directorate (PTAD) has finalized the payment of another instalment of pension arrears arising from the N32,000 increment approved by President Bola Ahmed Tinubu, in 2024.
The latest instalment, which totals N8.6bn, covers all 148,625 eligible Defined Benefit Scheme (DBS) pensioners across the Police, Civil Service, Parastatals, as well as the Customs, Immigrations and Prisons Pensions Departments of the Directorate.
This payment is in continuation of the Federal Government’s settlement of arrears accruing from the second pension increment of N32,000 approved by President Bola Tinubu in July 2024.
PTAD had earlier fully settled the arrears of the first increment approved by the President, which took effect from January 2024.
The breakdown of the payment shows that the sum of N5.7bn was paid to 59,342 eligible pensioners under the Parastatals Pensions Department while the sum of N2.3bn was paid to 71,084 eligible pensioners under the Civil Service Pensions Department (CSPD).
Also, the sum of N310m was paid to 9,579 pensioners under the Police Pension Department (PPD); while N276m was paid to 8,620 pensioners under the Customs, Immigration and Prisons (now Correctional Service) Pension Department.
Announcing the payment, the Executive Secretary of PTAD, Tolulope Odunaiya reiterated the commitment of the federal government towards the full settlement of the outstanding balance accruing from the increment.
The Executive Secretary further emphasized the determination of the federal government to proceed with its programmes aimed at improving the welfare of pensioners in line with the President’s Renewed Hope Agenda.