PTAD Pays ₦1.734 Billion As Final Settlement Of ₦32,000 Pension Increment Arrears

The Pension Transitional Arrangement Directorate (PTAD) has successfully completed the payment of the outstanding one month arrears of the ₦32,000 pension increment to eligible Pensioners under the Defined Benefit Scheme (DBS).

A total sum of ₦1,734,592,000
was disbursed to 54,206 eligible DBS Pensioners, marking 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.

Under the Parastatals Pension Department (PaPD), 25,804 DBS Pensioners were paid a total of ₦825,728,000, bringing the total arrears paid to PaPD Pensioners to the full thirteen (13) months due.

Similarly, under the Tertiary Education and Health Pension Department (TEHPD), 28,402 DBS Pensioners were paid a total of ₦908,864,000 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. PTAD had earlier paid twelve (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.

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% and 12.95% respectively, are exempted from the ₦32,000 pension increment, as stated in the NSIWC Circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024.

PTAD in a statement expressed 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.