The Pension Transitional Arrangement Directorate (PTAD) said it had finalised the payment of another N8.6 billion instalment of pension arrears arising from the N32,000 increment approved by President Bola Tinubu in 2024.

Announcing the payment in a statement yesterday by the directorate’s Head of Corporate Communications, Olugbenga Ajayi, the sum covers all 148,625 eligible Defined Benefit Scheme (DBS) pensioners across the police, civil service, parastatals, as well as the customs, immigration and prisons pensions departments of the directorate.

He said the payment was in continuation of the Federal Government’s settlement of arrears accruing from the second pension increment of N32,000 approved by the President in July 2024.

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

Giving a breakdown of the payment, Ajayi said the sum of N5.7 billion was paid to 59,342 eligible pensioners under the Parastatals Pensions Department (PaPD), while the sum of N2.3 billion was paid to 71,084 eligible pensioners under the Civil Service Pensions Department (CSPD).

He further said the sum of N310 million was paid to 9,579 pensioners under the Police Pension Department (PPD), and the sum of N276 million was paid to 8,620 pensioners under the Customs, Immigration and Prisons (now Correctional Service) Pension Department.

In her remarks, the Executive Secretary of PTAD, Tolulope Odunaiya, reiterated the unwavering commitment of the Federal Government towards the full settlement of the outstanding balance accruing from the increment.

She emphasised the unflinching determination of the Federal Government to proceed with its programmes aimed at improving the welfare of pensioners in line with Tinubu’s Renewed Hope Agenda.