The Pension Transitional Arrangement Directorate says it will implement the recently approved N32,000 pension increment for retirees under the Defined Benefit Scheme once the 2025 budgetary provisions are released.

The Executive Secretary of PTAD, Tolulope Odunaiya, disclosed this in a statement released on Tuesday, explaining that the January 2025 pension payments did not reflect the increment due to a delay in the release of funds.

The statement, signed by PTAD?s Head of Corporate Communications, Olugbenga Ajayi, emphasised the directorate?s dedication to ensuring timely pension payments.

It read: ?The Executive Secretary, Pension Transitional Arrangement Directorate, Tolulope Odunaiya, has reiterated the directorate?s commitment to implementing the recently approved N32,000 pension increment for pensioners under the Defined Benefit Scheme once budgetary provisions for 2025 are released.

?Tolulope stated that the January 2025 pension payments did not include the N32,000 increment because the budgetary provisions had not yet been released. However, she assured that PTAD is working diligently with relevant government agencies to ensure the increment is fully implemented and arrears are paid as soon as possible.?

Odunaiya noted that PTAD had already paid four months? arrears (August?November 2024) to pensioners under the Civil Service Pension Department.

Additionally, retirees from the Customs, Immigration and Prisons Pension Department, Police Pension Department, and the university sector of the Parastatals Pension Department received five months? arrears (August?December 2024).

She further stated that through strategic fund management, PTAD had previously settled outstanding arrears related to the 20 per cent and 28 per cent pension increments, ensuring that all affected pensioners were fully paid. (Daily Trust)

Update news