PTAD Clears Pensioners, Pays N17.73bn Pension Liabilities

The Pension Transitional Arrangement Directorate (PTAD) has announced that it was not owing pensioners on its payroll as it has cleared over N17.73 billion inherited liabilities of defunct agencies.

This was contained in the pension payment update obtained from PTAD, PTAD says it has, in line with its mandate to transform the management of the Defined Benefit Scheme (DBS), ensured that monthly pension payment is prompt, consistent and unbroken since 2014 when it took over pension payment. This standard was maintained even during the COVID-19 pandemic lockdown in 2020.

In June 2022, it paid N9.2bn as monthly pensions to 229,256 verified and eligible pensioners across the civil service, police, parastatals, customs, immigration and prisons pension departments while N351.2 million was paid as pension arrears to 3,089 pensioners. Incidences of failed pension payments in June 2022 to pensioners have also been re-presented on the GIFMIS payment platform and confirmed by the affected pensioners.

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It also said in December 2021, PTAD completed payment of all inherited liabilities due to ex-workers of two defunct agencies which are, 287 pensioners of Nigeria Reinsurance Corporation totalling N948m and 509 pensioners of New Nigerian Newspapers Ltd worth N2.1bn.

Additionally, PTAD noted that it paid three other defunct agencies: 11,239 NITEL/MTEL pensioners got N11.6bn, while 1,046 NICON Insurance Corporation pensioners got N1.1bn as 3,657 Delta Steel Company Ltd pensioners got N1.8bn.

After the 9.7% increment to ex-PHCN workers, PTAD paid N6.8bn in December 2021 to all eligible 9,389 ex-PHCN retirees.

The report further shows that PTAD had fully paid pension arrears for Consequential Pension Adjustment approved in April 2021 with effect from April 2019 across three pension departments except civil service pensioners whose three months balance was paid in May 2022.