PTAD Pays ₦8.6bn Arrears to 148,000 DBS Pensioners

By Oluwakemi Kindness

The Pension Transitional Arrangement Directorate (PTAD) has finalized the payment of another instalment of pension arrears arising from the ₦32,000 increment approved by President Bola Tinubu, in 2024.

The latest instalment, which totals ₦8.6 billion, 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.

According to a statement by the Head, Corporate Communications, PTAD, Olugbenga Ajayi, this payment is in continuation of the Federal Government’s settlement of arrears accruing from the second pension increment of ₦32,000 approved by Mr. President in July 2024.

PTAD had earlier fully settled the arrears of the first increment of 20/28% approved by the President, which took effect from January 2024.

The payment breakdown is as follows:

1. The sum of ₦5.7 billion was paid to 59,342 eligible pensioners under Parastatals Pensions Department (PaPD);

2. The sum of ₦2.3 billion was paid to 71,084 eligible pensioners under the Civil Service Pensions Department (CSPD);

3. The sum of ₦310 million was paid to 9,579 pensioners under the Police Pension Department (PPD); and,

4. The sum of ₦276 million was paid to 8,620 pensioners under the Customs, Immigration and Prisons (now Correctional Service) Pension Department.

The Executive Secretary of PTAD, Tolulope A. Odunaiya reiterates the unwavering commitment of the federal government towards the full settlement of the outstanding balance accruing from the increment.

The Executive Secretary further emphasizes the unflinching determination of the Federal Government to proceed with its programmes aimed at improving the welfare of pensioners in line with Mr. President’s Renewed Hope Agenda.