The Pension Transition Arrangement Directorate (PTAD) has reassured retired public servants that they will soon receive an increment of N32,000 in their monthly pension payments, bringing relief to thousands of retirees across the country.
The announcement was made during a stakeholders’ meeting held in Abuja on Thursday, where officials outlined plans to address long-standing grievances within the pension system.
In a statement issued by PTAD, the Directorate, emphasized the government’s commitment to improving the welfare of pensioners.
“This increment is a testament to our administration’s dedication to ensuring that retired workers are treated with the dignity and respect they deserve,” it said.
“We recognize the sacrifices made by these individuals during their service years, and it is only fair that we honour those contributions.”
The proposed increase, which will bring the total monthly payment for eligible retirees to N82,000, is expected to take effect within the next few months. Officials noted that the adjustment would apply retroactively from January 1, 2023, ensuring that pensioners receive all outstanding amounts due to them.
Labor unions, including the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), welcomed the development but urged swift implementation. “While we appreciate the government’s efforts, it is imperative that this promise is fulfilled without further delays,” said a spokesperson for the NLC.
“Our members have waited far too long for improvements in their pensions, and any postponement would be deeply disappointing.
“The decision to grant the increment follows sustained advocacy by pensioners’ groups, who have highlighted the rising cost of living and its impact on retirees’ financial stability.
In recent years, inflation and currency depreciation have eroded the purchasing power of fixed-income earners, leaving many pensioners struggling to meet basic needs.Critics, however, have questioned the sustainability of the increase, pointing to the broader challenges facing Nigeria’s pension system.
With mounting arrears and insufficient funding, some analysts argue that structural reforms are necessary to ensure long-term viability. “While the increment is welcome, it does not address the root causes of the pension crisis,” said an economist specializing in public finance. “Without comprehensive reforms, these issues will continue to resurface.
“Despite these concerns, the assurance from PTAD has been met with optimism among retirees. Many view the increment as a positive step toward bridging the gap between their current income and the cost of living. As the government works to implement the policy, attention will remain focused on its ability to deliver on its promises and provide lasting solutions for Nigeria’s aging population.
For now, the news offers hope to thousands of pensioners who have long awaited recognition of their invaluable contributions to the nation’s development. As one retiree put it, “This increment may not solve all our problems, but it is a step in the right direction.”
