The Federal Government has disbursed N8.6 billion in pension arrears to 148,625 retirees under the Defined Benefit Scheme (DBS), as part of efforts to implement the N32,000 pension increment approved by President Bola Tinubu in 2024.

The Pension Transitional Arrangement Directorate (PTAD) confirmed the disbursement in a statement issued by its Head of Corporate Communications, Olugbenga Ajayi, on Monday.

The payment covers retirees across key sectors, including the Civil Service, Parastatals, Police, Customs, Immigration, and Prisons Pension Departments. PTAD had previously completed payments under the first phase of the increment, which raised pensions by 20 to 28 per cent beginning January 2024.

The breakdown of the payment shows that the sum of N5.7 billion was paid to 59,342 eligible pensioners under Parastatals’ Pensions Department; N2.3 billion was paid to 71,084 eligible pensioners under the Civil Service Pension Department; N310 million paid to 9,579 pensioners under the Police Pension Department; and N276 million paid to 8,620 pensioners under the Customs, Immigration, and now Correctional Service Pension Department.

Announcing the payment, the Executive Secretary of PTAD, Tolulope A. Odunaiya, reiterated the Federal Government’s commitment towards the full settlement of the outstanding balance accruing from the increment.

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