The Pension Transitional Arrangement Directorate, an agency of the Federal Government, has disbursed N8.6bn as arrears of the N32,000 pension increment approved by President Bola Tinubu in 2024.

According to a press statement released on Monday and signed by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, the latest instalment covers all 148,625 eligible pensioners under the Defined Benefit Scheme.

These include retirees from the Civil Service, Police, Parastatals, and Customs, Immigration and Prisons (now Correctional Service) pension departments.

“The Pension Transitional Arrangement Directorate (PTAD) has finalised the payment of another instalment of pension arrears arising from the N32,000 increment approved by President Bola Tinubu in 2024.

“The latest instalment, which totals N8.6bn, covers all 148,625 eligible Defined Benefit Scheme pensioners across the Police, Civil Service, Parastatals, as well as the Customs, Immigration and Prisons Pensions Departments of the Directorate,” the statement read.

A breakdown of the payment shows that N5.7bn was paid to 59,342 eligible pensioners under the Parastatals Pensions Department, while N2.3bn went to 71,084 pensioners under the Civil Service Pensions Department.

Additionally, N310m was paid to 9,579 retirees from the Police Pension Department, and N276m was disbursed to 8,620 pensioners from the Customs, Immigration and Prisons Pension Department.

The Executive Secretary of PTAD, Tolulope Odunaiya, said this is further evidence of the Federal Government’s unwavering commitment towards the full settlement of the outstanding balance accruing from the increment.

She also reaffirmed the government’s determination to continue improving the welfare of pensioners in line with President Tinubu’s Renewed Hope Agenda.

Earlier, PTAD had fully settled arrears from the first increment of 20/28 per cent, also approved by the President and effective from January 2024.