By Bakare Ogunleye
In a significant move to ease the financial burden on Nigeria’s retirees, the Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), has disbursed N8.6 billion to clear part of the N32,000 increment approved by President Bola Tinubu in 2024.
According to a statement released yesterday by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, the funds were allocated to 148,625 eligible Defined Benefit Scheme (DBS) pensioners spanning several sectors, including the Police, Civil Service, Parastatals, Customs, Immigration, and Prisons Pension Departments.
Ajayi noted that PTAD had previously settled arrears related to the first increment of 20 per cent to 28 per cent, which came into effect in January 2024.
The breakdown of the payment shows that the sum of N5.7 billion was paid to 59,342 eligible pensioners under Parastatals’ Pensions Department; N2.3 billion was paid to 71,084 eligible pensioners under the Civil Service Pension Department; N310 million paid to 9,579 pensioners under the Police Pension Department; and, N276 million paid to 8,620 pensioners under the Customs, Immigration and now Correctional Service pension department.
Announcing the payment, the Executive Secretary of PTAD, Tolulope A. Odunaiya, reiterated the federal government’s commitment towards the full settlement of the outstanding balance accruing from the increment.
The Executive Secretary further emphasised the unflinching determination of the Federal Government to proceed with its programmes aimed at improving the welfare of pensioners in line with President Tinubu’s Renewed Hope Agenda.
