PTAD Pays N1bn of Accrued Arrears to Pensioners

The Pension Transitional Arrangement Directorate (PTAD) has finalized the payment of the sum of N1,023,756,227.45 to 7,091 pensioners of the Power and Transport Sectors of the Parastatals Pension Department (PaPD).

This was disclosed in a statement signed by the Head, Corporate communications Unit, Olugbenga Ajayi.

According to the statement, the payment represents 39% of the accrued pension arrears owed pensioners in the said Sectors for the period August 2015 to September 2023 as a result of the computation of the monthly pension of pensioners of PaPD based on their career details, salary structure and applicable pension increments.

The statement read in part, “The arrears were ascertained during the back-end computation exercise conducted by PTAD, where it was discovered that 7,091 pensioners in the Power and Transport Sector were being underpaid based on the Payroll inherited by PTAD.

“According to the Executive Secretary of PTAD, Dr. Chioma Ejikeme, the back-end computation exercise was necessitated by the need to ensure that each pensioner earns their rightful pension for fairness, equity and justice, in line with the Directorate’s mandate.

“She further assured federal pensioners under the Defined Benefit Scheme that the Federal Government is committed to their welfare, and the arrears subject to government funding, will continue to be paid until all accrued pension arrears are liquidated.”