In a significant development, the Pension Transitional Arrangement Directorate (PTAD) has successfully disbursed a substantial sum of N1,023,756,227.45 to 7,091 pensioners from the Power and Transport Sectors of the Parastatals Pension Department (PaPD).
This payment marks a crucial milestone as it addresses 39% of the long-standing accrued pension arrears owed to pensioners in these sectors.
These arrears had accumulated from August 2015 to September 2023 due to the meticulous computation of monthly pensions, considering the pensioners’ career details, salary structures, and applicable increments.
The discovery of these underpayments, affecting 7,091 pensioners in the Power and Transport Sector, came to light during a comprehensive back-end computation exercise carried out by PTAD.
This initiative aimed to ensure that every pensioner receives their rightful pension, in adherence to principles of fairness, equity, and justice, in line with PTAD’s core mission.
Dr. Chioma Ejikeme, the Executive Secretary of PTAD, underscored the necessity of this exercise to uphold the pensioners’ rights. She further assured pensioners under the Defined Benefit Scheme that the Federal Government remains unwavering in its commitment to their well-being.
Additionally, she emphasized that the arrears will continue to be disbursed until all accrued pension arrears are fully settled, contingent on government funding.
This development represents a significant step towards ensuring that pensioners in the Power and Transport Sectors receive the pensions they rightly deserve, contributing to their financial security and peace of mind. Stay tuned for more updates on this vital issue.