FG pays N13.87bn pension arrears to 18,822 retirees

The Pension Transitional Arrangement Directorate (PTAD) has paid N13.87bn in outstanding pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS). The beneficiaries include pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other government-linked organisations. The payments followed the implementation of pension increases of 13.8 per cent and 20.