The Pension Transitional Arrangement Directorate (PTAD) has reaffirmed its commitment to implementing the N32,000 pension increment for retirees under the Defined Benefit Scheme (DBS). However, the executive secretary, Tolulope Odunaiya, stated that the increase was not included in the January 2025 pension payments due to pending budgetary provisions. The increment will take effect once the necessary funds are released for the fiscal year 2025.
PTAD is actively collaborating with relevant government agencies to ensure that the pension increase is fully implemented. Additionally, the directorate has assured pensioners that all outstanding arrears will be paid as soon as funds become available. This is part of PTAD’s broader efforts to enhance pension management and address pensioners’ financial concerns.
In the interim, PTAD has made progress by settling arrears for different pension groups. Civil service pensioners received four months’ worth of arrears (August–November 2024), while Customs, Immigration, and Prisons pensioners were paid for five months (August–December 2024). Other pensioners from the Police and university sector also benefited from PTAD’s strategic funds management approach.
Odunaiya highlighted that the directorate had previously cleared 20% and 28% pension increment arrears through its strategic funds management initiative. This demonstrates PTAD’s commitment to ensuring timely and efficient pension disbursement, reducing backlogs, and prioritizing pensioners’ financial stability.
As the government works toward releasing the 2025 budget, PTAD remains dedicated to improving pensioners’ welfare. Retirees under the DBS scheme can expect further updates regarding the disbursement of the approved N32,000 pension increment in the coming months.
source: leadership