The Federal Government of Nigeria, through the Pension Transitional Arrangement Directorate (PTAD), says it has completed the latest disbursement of N8.6 billion in pension arrears as part of the N32,000 increment approved by President Bola Tinubu in 2024.
According to a statement released on Monday 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% to 28%, which came into effect in January 2024.
The payments were distributed across different pension departments as follows:
Ajayi emphasized that this disbursement reaffirms the government’s commitment to addressing pension obligations efficiently.
Speaking on the latest payments, PTAD’s Executive Secretary, Tolulope Odunaiya, assured pensioners that the Federal Government remains dedicated to fully settling the outstanding balance associated with the increment.
Odunaiya further disclosed that the government would continue rolling out initiatives to enhance pensioners’ welfare in alignment with President Tinubu’s Renewed Hope Agenda.
The Nigerian pension industry has maintained an upward trajectory as assets climbed to N23.32 trillion in March 2025, reflecting a slight 0.27% uptick from the N23.26 trillion recorded in February.
The latest figures, published in the National Pension Commission’s (PenCom) monthly report, underlines the industry’s sustained stability.
The marginal increase is largely driven by strategic asset allocation and a diversified investment approach, reinforcing the fund’s long-term growth trajectory.
Last week, the National Insurance Commission (NAICOM) announced plans to introduce supplementary guidelines aimed at safeguarding Retiree Life Annuity (RLA) funds and addressing cyber risks, ensuring greater financial protection for pensioners.
The disclosure was made by Moruf Apampa, Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee and Managing Director of NSIA Insurance, during a press conference in Lagos following the June 2025 Insurers’ Committee meeting.
Apampa highlighted that the forthcoming guidelines form part of NAICOM’s broader efforts to strengthen regulations, ensuring that retirees’ funds remain secure and effectively managed.