HomeNewsFG pays pensioners N1bn accrued rights – PTAD

FG pays pensioners N1bn accrued rights – PTAD

The Federal Government says it has finalised payment of N1.02bn to 7, 091 pensioners of the Power and Transport Sectors of the Parastatals Pension Department.

The Head, Corporate communications Unit, Pension Transitional Arrangement Directorate, Olugbenga Ajayi, disclosed this in a statement on Sunday.

The statement said, “The payment represents 39 per cent 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 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 earned their rightful pension for fairness, equity and justice, in line with the directorate’s mandate.

She assured federal pensioners under the Defined Benefit Scheme that the Federal Government was committed to their welfare, and the arrears would continue to be paid until all accrued pension arrears were liquidated subject to the government funding.

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