April 28, (THEWILL) — The Pension Transitional Arrangement Directorate (PTAD) has announced the full settlement of arrears tied to the N32,000 pension increment for retirees under the Defined Benefit Scheme (DBS).
In a statement issued Monday, PTAD’s Head of Corporate Communications, Olugbenga Ajayi, confirmed that the agency has paid the final one-month arrears, bringing all outstanding obligations to a close.
The increment, approved by the National Salaries, Incomes and Wages Commission, took effect from July 29, 2024.
According to PTAD, a total of N1.73 billion was disbursed to 54,206 eligible pensioners.
Of this figure, 25,804 retirees under the Parastatals Pension Department received N825.7 million, while 28,402 pensioners in the Tertiary Education and Health Pension Department were paid N908.9 million.
The payments covered a 13-month arrears period from August 2024 to August 2025 and were executed in phases between December 2024 and December 2025.
PTAD noted that the process began after a partial release of N20.19 billion by the Federal Government for pension adjustments, part of a broader N45 billion intervention fund.
The increment combined a flat N32,000 increase with additional percentage adjustments of 10.66% and 12.95%.
However, PTAD clarified that some pensioners were excluded from the flat-rate increase due to prior adjustments affecting agencies such as NITEL/MTEL and PHCN.
The reform is part of a wider pension overhaul approved by Bola Tinubu, aimed at improving retirees’ welfare, with further measures including health insurance expected in the 2026 pension framework.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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