Category: Pension

  • NUP disclaims planned protest over increment

    NUP disclaims planned protest over increment

    The Nigerian Union of Pensioners (NUP) has denied any planned protest over the recently approved N32,000 pension increment by the Federal Government for pensioners under the Defined Benefit Scheme (DBS).

    The union warned its members to steer clear of such actions.

    Speaking in Abuja after a stakeholders’ engagement by the Pension Transitional Arrangement Directorate (PTAD), the union’s Deputy National President, Chief Abdulahi Onu, declared that the NUP remains committed to dialogue with relevant authorities rather than resorting to protests or other confrontational approaches.

    Onu emphasised that the NUP, which represents the interests of pensioners, is satisfied with the clarifications provided by PTAD on the N32,000 increment and ongoing efforts to clear outstanding arrears. He stated that the union will not support any protest organised by splinter groups.

    He alleged that the NIPOST Lagos Branch and other factions, had been circulating information about protests over the increment and arrears.

    He said such actions were unilateral, unauthorised, and do not reflect the position of the NUP leadership.

    Read Also: Senate okays Tinubu’s $21bn foreign loan request

    He said: “Our leadership is satisfied with the explanation of PTAD on the issue of the N32,000 pension increment and its efforts at clearing the arrears. We appreciate President Bola Ahmed Tinubu for his efforts at making the conditions of pensioners better.”

    “We are directing our members to stay away from the rumoured protest called by some group of pensioners. PTAD is attending to the issues and concerns of pensioners regarding the N32,000 pension increase and we trust that the efforts of the agency towards making payment will come to fruition in no distant time.

    “No group of pensioners, chapter, or sector should decide, let alone, send out a circular announcing a protest or any industrial action without the consent of the national leadership. It is not right and neither is it the character of a responsible trade union.’’

  • Universal Insurance genertes N15.25b premium

    Universal Insurance genertes N15.25b premium

    • Profit soars to N2.8b

    Universal Insurance Plc posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024, the Managing Director/CEO of the company, Dr. Jeff Duru, has said.

    Duru made this known to reporters in Lagos.

    He stated as at the first quarter of this year, the company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

    He said: “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion. Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported last year.

    “We are charged to serve the public better to make them have that experience. Our claim payment is  top-notch. Our services are top-notch. We are fully computerised. All our personal line products are digitised.

    “You can go through our website, access our products, get your quotes and make payment, and you can also initiate claim payment and we follow it up at the backend.

    “Universal insurance has come to stay and to serve the industry, give them peace of mind, give them an excellent customer experience. That is what we are doing. As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130 per cent of our first quarter target.’’

    Read Also: ‘Tinubu is an ardent supporter of media, committed to press freedom’ – Idris

     We are progressive, we are highly innovative, and bring insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

    On products and initiatives, Duru said: “Our initiatives and products include shop insurance cover. The shop insurance cover was designed for shop owners and businessmen that operate businesses at a small and medium enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

    “We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bikes. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders. Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

    “We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot will deliver fantastic experiences to the customers both chat and voice services.

    “We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle. Our  survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle. Even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything. It cuts down fraud, manpower and reduces cost and gives you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service”, he added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ANONYMOUS: Good day, I write on behalf of Nathaniel, a pensioner.  PTAD has not paid me the correct amount on my grade level 08/15 since I started receiving pension. I am appealing to PTAD to pay the allowances to my grade level from June 2010 till date. I am an old man, so it is not easy for me to travel from Kogi to Abuja. Please, have pity on me to pay my allowances, including my gratuity which is short paid.

    IRIOGBE: Dear Omobola, it is alleged that 30 per cent of pensioners under PTAD (DBS) have been paid N32,000 each, which the government approved as minimum wage effective July 29, 2024. If this is true, I would like to know the yardsticks for paying them while others are left out? Does it mean others yet to be paid are regarded as second-class citizens? The arrears have gone to nine months. I have no doubt that the 2025 budget signed into law by the president will cover the payments of the new minimum wage or the arrears. The government should, therefore, release enough funds to PTAD to pay us early.

    DSP YOHANNA: Hello, I am DSP Yohanna. I retired in 2006. In July 2015, I was paid my gratuity and placed on monthly pension without the nine years’ pension arrears. I noticed my step was reduced. I was confirmed ASP in 1997 and promoted DSP in 2003 (step 7). PTAD staff members asked me to provide my promotion letters, including the statement of account, which I produced to them. They checked and told me that they made a mistake. They gave me a form and I filled it in March 2000. I was paid N3 million out of the nine years’ pension arrears. I shall be grateful if PTAD treats my complaint. Thank you.

    LAMIDI: Good day, my name is Lamidi. I am a former NTA Minna staff member. My complaint is about the N32,000 minimum wage arrears for DBS pensioners. The  increase was paid to me from January to August 2024 arrears.The monthly increment did not reflect from August 2024 till date. My salary is N24,000, instead of N33,000. Therefore, N9,000 has been cut off.  Kindly help me.

    Read Also: PTAD clears air on pension increase implementation

    BODE: Dear Omobola, I am Bode. I am reminding PTAD that my pension since the closure of Heritage Bank has not been solved since May 2024. I have sent my documents to PTAD two times but no response. I have changed to United Bank of Africa (UBA). Kindly help me.

    ANONYMOUS: Good day, my husband retired as a Deputy Director of Education Services in 1997. He has been receiving federal pension until several months ago. What can we do for it to be resumed?

    ALEXANDER: Dear Omobola, my name is Alexander, retiree of Power Holding Company Nigeria (PHCN). I discovered in my career table that l was misplaced on grade level 08/step/11 instead of my correct retirement grade level 08/step/13. Incremental date is January 1, 2012.

    THE NATION: The Newspaper will intervene by sending your complaint to PTAD. Therefore, IRIOGBE, DSP YOHANNA, LAMIDI and BODE should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • Pensioners’ welfare, our priority, says PTAD

    Pensioners’ welfare, our priority, says PTAD

    The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to pensioners’ welfare.

    The Directorate has, therefore, introduced various initiatives aimed at managing pension benefits for Federal Government’s retirees under the old Defined Benefit Scheme (DBS), who did not transit to the Contributory Pension Scheme (CPS).

    At the Annual Meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE) hosted by PTAD in Lagos, the Executive Secretary/CEO, Mrs. Tolulope Odunaiya, highlighted the Directorate’s work and their achievements.

    Odunaiya, represented by the Head, Corporate Communication, Mr. Olugbenga Ajayi and Head, Lagos Regional Office, Mr. Casmir Audu, said they would continue to assist pensioners.

    Ajayi said the Directorate was established to handle pensions of those who did not move to the CPS, noting that PTAD ensures that eligible pensioners receive their pensions promptly and accurately.

    Read Also: PTAD clears air on pension increase implementation

    He said: “Since establishment of PTAD in 2013, and up till this moment, PTAD has never failed to pay pensions every month. That is why we have been able to take pensioners out of the streets. That is one of the credibility the government is enjoying because nobody is diverting money meant for payment of pensions anymore. The Directorate has continued to introduce various initiatives to enhance its efficiency and effectiveness, some of which are Field Verification, I Am Alive Confirmation, and Mobile Verification.’’

    “As we progressed, we discovered that we shouldn’t be calling our fathers and mothers, especially those from a far distance to come and do verification in Lagos and a technology was introduced. We call that technology ‘I Am Alive’ Confirmation.’’

     Why do we call it ‘I Am Alive’? This is because pension under DBS is for life.

    “Once you are still alive, you are entitled to your pension. I Am Alive enables pensioners to confirm their status even in their home at every location. This is done through an internet-enabled phone and anybody can help you do it. Once you confirm your status, in the next six month, your pension will continue to run. “We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification. We schedule mobile confirmation for those who have done I Am Alive verification but later falls sick.’’

    Ajayi further said PTAD is a Federal Government’s treasury funded agency with no commercial bank account, adding that their responsibility is to prepare schedules of pension payment.

    “PTAD doesn’t have any account in any commercial bank; so, we don’t keep any money because we are a treasury-funded agency. Pensions are paid by the Central Bank and are paid directly into pensioners’ accounts. Our duty is to prepare the schedules of payment and it will pass through various tables, including Federal auditors, Internal auditors, Accountant-General Office. So, it is not something that somebody will just wake up and say PTAD has money somewhere,” he explained.

    He said PTAD is ensuring that nobody tampers with pensioners’ money. PTAD offices are in 13 states.

  • CPS: 27,701 workers, retirees dumped PFAs in Q1

    CPS: 27,701 workers, retirees dumped PFAs in Q1

    No fewer than 27,701 Retirement Savings Account (RSA) holders dumped their Pension Fund Administrators (PFAs) in Quarter 1.

    RSAs under the Contributory Pension Scheme (CPS) have been changing their PFAs since the introduction of the transfer window in 2021 over poor customer service and return on investment.

    The National Pension Commission in a report said an RSA holder is allowed to transfer his or her RSA once yearly. The RSA transfer enables greater flexibility for contributors.

    According to the commission, the RSA holders transferred a total of N191.12 billion as of March 31.

    The report read: “This represents a 4,475 or 19.27per cent increase in RSA transfers when compared to the 23,226 RSA holders that transferred N141.87billion in Q4, 2024.

    “Overall, a total of 368,911 RSA holders have transferred N1.77 trillion from one PFA to another from the commencement of the RSA transfer process in 2021 to Q1:2025.’’

    In another development, the commission reported retirement benefits pay-out made to contributors at retirement through Programmed Withdrawal (PW) and Retiree Life Annuity (RLA), En-bloc and Lump Sum.

    Total lump sum disbursed from the inception of the CPS to Q1 2025 amounted to N1.64 trillion, comprising N1.25 trillion for PW and N390 billion for RLA.

    Read Also: Restoring gratuity to CPS must be backed by law, says expert

    On En-Bloc, a total of N72.41 billion was disbursed as en-bloc payments from the inception of the CPS to Q1 2025.

    PW is a mode of payment offered by the PFAs that allow a retiree to access his or her retirement benefit on a monthly or quarterly basis while RLA refers to a series of monthly or quarterly pension payments purchased from an eligible Life Assurance Company.

    En-bloc on the other hand is a lump-sum payment to retirees whose Consolidated RSA Balances are insufficient to secure a monthly or quarterly pension or annuity equivalent to at least one-third of the prevailing minimum wage while Lump Sum is the 25 to 50 per cent of total amount in the account of an RSA paid upon retirement.

  • NHIA enrols 20m

    NHIA enrols 20m

    • Extends service to PLHIV, TB patients

    A total of 20 million Nigerians are enrolled under the National Health Insurance Authority (NHIA), The Nation has learnt.

    The NHIA has extended the scheme to cover extreme health cases for people with HIV (PLHIV) and tuberculosis, with pilots under way in four states.

    Director-General of NHIA, Dr Kelechi Ohiri, who was represented by Acting Director, Lagos Regional office of the agency, Mrs. Aisha Abubakar Haruna, spoke at a forum  in Lagos.

    Ohiri said health insurance went up from 16.8million last year, achieving 99 per cent of the 2027 presidential target.

    He explained that the Authority covered more 800,000 beneficiaries, bringing the total to 2.6 million as of May.

    Ohiri stated that the NHIA embarked on addressing drug shortages and care delays via the multi-project strategy.

    He said: “NHIA has focused on expanding health insurance coverage, improving quality of care and protecting the rights of enrollees while deploying health insurance to save lives in a way that contributes and sustains significant benefit to the health sector.

    Read Also: Health insurance: NHIA retrieves ₦4.3 million for 54 enrollees, sanctions 47 HMOs

    “As of June, last month, NHIA has achieved 20 million enrollees in health insurance. This was the combined efforts by the state health insurance agencies, health maintenance organisations and the National Health Insurance Scheme.’’

    As a matter of fact, we have exceeded the mandates that have been given to us by the president. He gave us a target which we exceeded in June. We have a significant jump from 16.8 million Nigerians enrolled by 2023. By June 2025, we have hit 20 million. We have also embarked on addressing drug shortages and care delays via the multi-project strategy.”

    The NHIA DG noted that from last year to this year, NHIA has intervened in the revision of tariffs, revising the accreditation processes and mandating one hour limit on care authorisation while mitigating any previous issues for medicine shortages, denial, delay in issue codes and provider payment delays.

  • Recapitalisation: SUNU Group vows to meet new threshold

    Recapitalisation: SUNU Group vows to meet new threshold

    • Hosts brokers

    The SUNU Group has vowed to meet any recapitalisation threshold that would be set by the authorities.

    Deputy Chief Executive Officer of SUNU Group, Karim-Franck Dione, gave the pledge at a Business Dinner Meeting for insurance brokers and in honour of SUNU Group executives who visited the country in Lagos.

    The Nigerian Insurance Industry Reform Bill, awaiting presidential nod, increased the minimum capital for life insurance from N2 billion to N10 billion, non-life insurance N3 billion to N15 billion and provides for reinsurance companies to N35 billion, from N10 billion.

    Dione said: “We believe in Nigeria and we are in Nigeria to stay. So, SUNU is a group with financial resources. If we have to face recapitalisation, SUNU will face recapitalisation. Whatever the level of capitalisation, we will meet it. It’s a commitment that the major shareholders took in the presence of the board, the whole management and the whole team.”

    Dione asserted that while doing business in Nigeria may be daunting, the country holds a lot of potential.

    “Doing business in Nigeria is not easy, but for an insurer like me, we’re looking for real market, real power, numbers, economic strength. And that’s why I said, Nigeria makes sense to come as an African, to come and to invest in the country. I believe in the future of Africa. There is no contest, Nigeria is the biggest market for banks, insurance, and surely lots of other things in sub-Saharan Africa, except South Africa, of course. The potential is huge, the people are competent and the resources are just crazy. So, of course, Nigeria is the place to be for an African if you want to do business.

    Read Also: SUNU Group honours late founder, Pathé Dione at second anniversary

    “We are really excited about being on the ground. If you find the right people, you work with good intelligence, you can only make progress, despite all the little challenges that we can face daily in this country,” he said.

    Speaking on some of the daily challenges of doing business in Nigeria, Dione highlighted poor power supply and infrastructure.

    “I will start with power. Which I think is an issue for a lot of industries and other businesses here in Nigeria. I will talk about infrastructures, the roads, if you want to export, if you want to import, if you want to produce and move goods from one place to another, you need to have good infrastructure to fast-track it.

    “Of course, it’s not always easy for a foreigner like us to understand how we should do business here. So if you are not well-accompanied, you may find it difficult. This is a challenge. For us, we have identified the right people on the ground to join and carry the SUNU vision. But I’m telling you, if you don’t try to find the right people, it’s complicated. After that, of course, is the regulation, which is very strict from my point of view, compared to where I’m coming from. The competition is just crazy in this market. You have 56 players in a country for General Business. It’s just amazing. It’s even more than France. That’s your strength.”

    On ways to drive insurance penetration, Dione said, enforcement is key.

    “Enforcement is key and insurance should be made compulsory. More products should be in the market as well. Every single building here must be covered against fire. Public buildings must be covered in any way. And this must be compulsory and enforced. If not, we will not make progress. Because the industry will be based on the goodwill of people who understand the benefits of insurance,” he said.

    Speaking on insurance penetration, the Managing Director/Chief Executive Officer, SUNU Assurances Nigeria PLC, Samuel Ogbodu, noted that a lack of awareness of the value of insurance was a major driver of the low penetration figures.

    He said, “You know the issue is awareness. Most people are not aware of the benefits of insurance and SUNU is out there to create awareness. It is one of the reasons we host this type of thing, we are circulating proposals to everybody who came to show them that we will provide benefits if you have motor accidents, we will compensate you. If you are injured under the general health care policy, we will compensate you. So most people don’t know the benefits of insurance. We are one of the insurance companies that pay claims regularly. We pay our claims.

    “I remember when they( the Group) came, when we met, the first thing they said was that the SUNU policy is payment of claims. They don’t want policyholders to suffer.  If they have paid their premium, you must compensate them. If the claim is genuine, you must pay immediately. And the human resources must be well taken care of. So all those things are areas we are building on and you can see the results.”

    Ogbodu however lauded insurance brokers for finding the company worthy of doing business with, noting that they are open to doing more business with them and ensure Nigerians are served well on their insurance needs.

  • JCI Eko empowers 150 graduates with skills

    JCI Eko empowers 150 graduates with skills

    No fewer than 150 graduates have had their skills honed at the JCI Eko’s After School (LAS) programme held at Ilaji Resort, Ibadan.

    The event themed “Post-Grad Playbook,” part of the JCI Nigeria Collegiate Conference, was attended by undergraduates, fresh graduates, NYSC corps members, and early-career professionals who were eager to gain practical knowledge for life after graduation.

    Keynote speaker, Mr. Abayomi Gbadamosi, spoke on career advancement, personal branding, financial literacy, and strategies for mastering after-school life.

    The panel discussion entitled, “Money, Moves, and Mindset”, explored career growth, financial empowerment, and personal development featured top industry leaders, who included the Head of Marketing, Smartcash, Mr. Sheriff Kolapo Ajibola;  and Head of Growth, Youverify, Mr. Hakeem O. Akiode.

    Read Also: JCI Eko celebrates young entrepreneurs

    The panel moderator, Oluwadamilola E. Fawole, ensured that participants received advice and shared their experiences.

    Dignitaries at the training were National President, JCI Nigeria, JCIN Amb. Oluwatoyin Atanda; Collegiate Chairperson, Amira Abdullahi, National Vice President, Southwest District 1, Mariam Omolara Mohammed, and  Interim Executive Secretary, JCI Nigeria, JCI Sen. Sanni Babatunde Ajani.

    Others were Feyisayo Awopetu and Nusaybah Abdul Fattah.

    The event’s organising team was led by Abidemi Idayah. Alli-Balogun (Team Lead); President, JCI Eko, Babajide Faturoti and Vice President (Projects), Kingsley O. Okeke.

  • Retired police officers demand action on N758bn pension arrears

    Retired police officers demand action on N758bn pension arrears

    Retired police officers in Nigeria have renewed calls for improved pension benefits, urging the Federal Government and National Assembly to act swiftly on the approval of N758 billion in outstanding pension liabilities.

    The National Association of Retired Police Officers of Nigeria (NARPON), in a statement signed by its National President, Paul Ochonu, on Tuesday, lamented the economic hardship faced by retirees under the Contributory Pension Scheme (CPS). The association warned that continued neglect could spark a protest among serving officers.

    NARPON acknowledged a recent development by the National Pension Commission (PenCom), which, on June 18, 2025, approved a substantial upward review of pensions for CPS retirees, calling it a step in the right direction.

    However, the group stressed that the delay in approving the N758 billion fund pending before the National Assembly continues to hinder the effective implementation of the reviewed benefits.

    The association called for calm but urged dialogue and policy-driven engagement to address the plight of retired officers. It also recommended that the federal government increase its contribution to Retirement Savings Accounts (RSAs) from the current 10% to 20%, in accordance with Section 4 of the Pension Reform Act 2014.

    “This is a matter of survival for many who have dedicated their lives to national service,” the statement added, appealing to stakeholders to act swiftly to prevent a looming crisis.

    “This adjustment will resolve most concerns about low pension payouts. Pension is a function of the salary earned while in service. Whether under the CPS or DBS, the amount of pension payable to a retiree is directly tied to the quantum of his terminal emoluments,” the statement read.

    NARPON urged the federal government to make special budgetary provisions for police pensions, citing the hazardous nature of police work and the need for fair treatment.

    “It is only fair that the Police be accorded equal consideration,” the statement added.

    While noting that PenCom has recommended payment of 100% gratuity to retirees in the public sector, NARPON recommended a payment of 300% gratuity as was the case with defined benefit scheme (DBS) retirees.

    The association also commended the efforts of the Inspector-General of Police (IGP) to engage with the federal government in ensuring that no police retiree of the rank of Commissioner of Police or below received a monthly pension of less than 80% or 60% of their total emoluments at the point of disengagement, depending on their rank.

    NARPON also advocated leveraging the Nigeria Police Act 2020 to establish an Additional Pension Benefits Scheme, similar to those already implemented by agencies such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and Nigerian National Petroleum Company (NNPC).

    “This will enhance the retirement welfare of police personnel from internally generated funds,” the statement noted.

    While acknowledging the frustration and disillusionment among retirees, NARPON appealed for calm and urged all stakeholders to pursue constructive engagement and reforms.

    “The real solution to the pension concerns of police officers may not necessarily lie in exiting the Contributory Pension Scheme, but in improving its implementation,” the statement added.

  • PTAD lists achievements, challenges

    PTAD lists achievements, challenges

    • We have plans to advance pensioners welfare, says ES

    Since its establishment, the Pension Transitional Arrangement Directorate (PTAD) has put in place a reliable database for pensioners, cleaning up the payroll of ineligible pensioners, and ensuring timely and accurate payment of pensions to retirees, the Executive Secretary (ES), Tolulope Odunaiya, has said.

    She spoke at the maiden stakeholder’s interactive session in Lagos.

    She said the platform was provided in line with commitment to transparency, accountability, and inclusiveness in the administration of Defined Benefit Scheme (DBS) pensions.

    She said it provides us a platform to strengthen the trust between PTAD and the pension community.

    Other achievements

    Odunaiya stated that through various initiatives such as the ‘’I Am Alive Confirmation(IAAC)’’ solution, we have reduced the burden of physical verification on our senior citizens and promoted dignity and respect in their interaction with the system. We have also, in the process, saved pensioners the cost and discomfort of commuting to physical verification centres and the Federal Government enormous amounts hitherto used to fund the  verification.

    “We have also ensured the prompt resolution of complaints, continued expansion of our digital infrastructure that will soon include the self-verification solution that will be extended to Diaspora pensioners and eventually replace aspects of the expensive and rigorous Mobile Verification exercise. We equally improved and expanded our customer service delivery through enhanced communication channels, including the Lagos Zonal Office, which many of you interface with regularly, and the 13 other State offices located across the six geo-political zones of Nigeria. We have also fully implemented the 20/28 per cent pension increment of 2024 and have defrayed all the accrued arrears arising therefrom.

    ”PTAD has also partly paid arrears of the N32,000 pension increment to pensioners of all Departments and Sectors even though this unprecedented second pension increment of 2024 was announced in August, months after the Directorate had already submitted its 2025 budget estimates the previous May. These milestone achievements have been recorded because of the efficiency savings arising from the full implementation of the I Am Alive Confirmation (IAAC) solution.

    She added: “Yet, we acknowledge that some challenges remain. There are genuine concerns regarding delayed implementation of monthly payment of the N32,000 pension increment of 2024, the lag in the implementation of the outcome of the review of the Back-End-Computation of some sectors of the Parastatals Pensions Department, and the lack of instant restoration of pensioners to the payroll after they had performed the IAAC.

    “We are not shying away from these issues. Rather, we are confronting them head-on through a combination of shrewd financial management and optimisation of pension operations anchored on efficiency savings. Specifically, over the past six months, we have embarked on significant improvement of our IT infrastructure and the administrative and operational structures of the Directorate. These measures are projected to reposition PTAD and make it more responsive and capable of instantly meeting pensioners’ expectations in real-time.

    Read Also: PTAD clears air on pension increase implementation

    We have also amped up our advocacy campaigns for additional funding to meet the sudden upsurge in the cost of payment of monthly pension.

    “The unprecedented double increments generously and graciously approved by Mr. President in 2024 have more than doubled the pension budget of some Departments of PTAD. Despite these challenges, PTAD has fully settled the arrears arising from, and is implementing the 20/28 per cent pension increment that took effect on January 1, 2024. Similarly, after the first 10 months of the effective date of the N32,000 increment, the Directorate is at between 40 per cent and 80 per cent levels of settlement of accrued arrears across the Parastatals, Civil Service, Customs, Immigrations and Prisons, as well as Police Pensions Departments.

     This has cost the Directorate over N27.5 billion already. Another N45.1 billion will be required to fully implement the N32,000 increment for the period up to December 2025. And that is factoring in the expected IAAC and efficiency savings of N18.1 billion. We have also started settling the arrears of the 10.66 per cent and 12.95 per cent increments approved for certain specialised agencies of PaPD.

    “Although we have applied a pause in the payment of these arrears, we will resume payments as soon as we are able to get certain clarifications on its implementation from the National Salaries Incomes and Wages Commission (NSIWC).’’

    2026 Agenda

    The PTAD boss said aside meeting the liabilities last year’s increments, they had also set up an agenda for 2026.

    ‘’The Directorate will vigorously pursue the approval of the harmonisation of pension to eliminate the gap between pensioners who retired at different times and on different salary structures.

    The Directorate has also targeted next year for the expansion of its healthcare coverage to DBS pensioners under its management,’’ she said.

    Palliatives

    On palliatives, she informed the pensioners that PTAD is not the agency assigned to handle.

    “This falls under the purview of the Federal Ministry of Humanitarian Affairs and Disaster Management.

    “PTAD has forwarded the list of our pensioners and their account details to the Ministry and followed up to see that the payment is made.”

    Pensioners as partners

    Odunaiya stressed that the session is not just to inform pensioners about their achievements, challenges and bold plans to advance the welfare of pensioners, but to listen and hear their concerns, take feedback, and provide clarifications where necessary.

    “We are committed to continuous improvement and to ensuring that the dignity of every pensioner is upheld. Your cooperation, feedback, and support are crucial to PTAD’s success.

    “We recognise the importance of engaging you not only as beneficiaries but as partners in this journey. It is only through open dialogue and collaborative effort that we can build a more efficient, fair, and compassionate pension administration system.

    “I urge you to look at the Directorate as a reliable and indispensable partner with whom you need to collaborate rather than confront. It is only through a coordinated approach that we can achieve our common objectives of delivering the best pensioner experience that our esteemed pensioners deserve,” she assured.