Nearly 19,000 retirees under the Defined Benefit Scheme (DBS) have received long-awaited back payments, as the Pension Transitional Arrangement Directorate (PTAD) disbursed ₦13,873,565,547.52 in arrears arising from two pension increments approved by President Bola Tinubu.
The money went to 18,822 pensioners and covers the 13.8% and 20.55% increments granted to retirees of the defunct Power Holding Company of Nigeria (PHCN) and some other defunct agencies under PTAD’s supervision.
Disclosing the development in a statement on Sunday, Head of Corporate Communications, PTAD, Olugbenga Ajayi, explained that of the total, ₦9,417,596,784.69 was paid to 7,391 PHCN pensioners.
This represents 65 months of arrears from the 13.8% increment, running from 1 June 2021 to 31 October 2026.
A further ₦4,455,968,762.83 went to 11,431 DBS pensioners to cover 22 months of arrears from the 20.55% increment, spanning 1 January 2025 to 31 October 2026.
The beneficiaries are eligible pensioners of five agencies: Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.
PTAD said both increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) in a circular dated 14 January 2026.
The Directorate described the payments as clear evidence of the Federal Government’s commitment to the welfare of senior citizens who served the nation diligently.
It said that under the Renewed Hope Agenda, the government remains determined to ensure DBS pensioners receive their entitlements promptly and with dignity.
PTAD also thanked the President for his compassion and sustained attention to pensioners’ welfare, noting that his administration’s resolve to correct long-standing pension anomalies and honour the nation’s obligations to its senior citizens reflects a government that values service.
The Directorate said it remains committed to efficient pension administration, timely payment of entitlements and continuous improvement in the welfare of DBS pensioners.
