The Pension Transitional Arrangement Directorate (PTAD) has paid N3.9 billion pension arrears to 91,146 eligible pensioners under the Defined Benefit Scheme (DBS).

The PTAD’s Head, Corporate Communications, Mr Olugbenga Ajayi, who confirmed payment to 91,146 eligible pensioners in a statement issued on Friday, said the payment was part of the N32,000 increment approved by President Bola Ahmed Tinubu.

Giving a breakdown of payment, he said N1.9 billion to 59,865 pensioners under the Parastatals Pension Department, N830 million to 12,976 Pensioners under the Civil Service Pension Department, N620 million to 9,689 Pensioners under the Police Pension Department, and N551 million to 8,616 Pensioners under the Customs, Immigration, and Prisons Pension Department.

The statement quoted PTAD’s Executive Secretary, Tolulope A. Odunaiya, reaffirms the federal government’s commitment to settling outstanding arrears and improving Pensioners’ welfare.

The federal government, it will be recalled, approved the issuance of a ₦758 billion bond to clear outstanding pension arrears.

The initiative was intended to settle all remaining liabilities owed to retirees under the old Defined Benefit Scheme (DBS) and some under the Contributory Pension Scheme (CPS), to provide relief to pensioners and restore confidence in the pension system.