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The Pension Transitional Arrangement Directorate said it has paid ₦13,873,565,547.52 in pension-increment arrears to 18,822 retirees under the Defined Benefit Scheme. The payment covers arrears owed to former PHCN workers and pensioners from Peoples Bank, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.
The Pension Transitional Arrangement Directorate, PTAD, said it has paid ₦13,873,565,547.52 in pension-increment arrears to 18,822 pensioners under the Defined Benefit Scheme.
According to the directorate, ₦9.42bn of the payment went to 7,391 pensioners of the defunct Power Holding Company of Nigeria, PHCN. PTAD said this tranche covered 65 months of 13.8 per cent pension-increase arrears from June 1, 2021 to October 31, 2026.
The directorate also said ₦4.46bn was paid to 11,431 pensioners from Peoples Bank, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL. It stated that this payment covered 22 months of 20.55 per cent pension-increase arrears.
The announcement adds up to a total payment of ₦13.87bn across the affected groups of retirees. The beneficiaries are all under the Defined Benefit Scheme managed by PTAD.
The update was reported on November 1 and remains one of the latest official disclosures on pension-arrears settlement affecting federal pensioners under PTAD’s remit.
Why it matters
For affected retirees, the payment addresses outstanding pension-increment arrears that had built up over different periods. It is also significant because it shows movement on long-standing obligations within the Defined Benefit Scheme, especially for pensioners from defunct or restructured public institutions and enterprises.
What it means for your money
This has direct personal-finance relevance for the 18,822 affected pensioners, as it increases cash received through arrears settlement. For other Nigerians, there is no immediate direct money impact stated beyond the confirmed payments to these beneficiaries.
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The key issue to monitor is whether PTAD provides further breakdowns, implementation details or additional arrears payments for other groups under the Defined Benefit Scheme. Retirees and their families will also be watching for confirmation that credited amounts align with the stated arrears periods and percentage increases.
PTAD says it has paid ₦13.87bn in pension-increment arrears to 18,822 Defined Benefit Scheme retirees, with PHCN pensioners and former workers of several legacy institutions making up the beneficiaries.
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