The Federal Government has released N8.6 billion to cover pension arrears for 148,625 retirees under the Defined Benefit Scheme (DBS), marking a significant step in implementing the N32,000 pension increase approved by President Bola Tinubu in 2024.

This was disclosed in a statement on Monday by Olugbenga Ajayi, Head of Corporate Communications at the Pension Transitional Arrangement Directorate (PTAD).

The payment affects retirees from major sectors such as the Civil Service, Parastatals, Police, Customs, Immigration, and the Prisons (now Correctional Service) Pension Departments. This follows the earlier completion of the first phase of the increment, which saw pension benefits increased by 20 to 28 percent starting from January 2024.

A detailed breakdown shows N5.7 billion was allocated to 59,342 pensioners from the Parastatals Pension Department, N2.3 billion to 71,084 pensioners in the Civil Service Pension Department, N310 million to 9,579 retirees under the Police Pension Department, and N276 million to 8,620 pensioners in the Customs, Immigration, and Correctional Service Pension Department.

PTAD’s Executive Secretary, Tolulope A. Odunaiya, reaffirmed the government’s dedication to fully clearing the outstanding balance resulting from the pension increment.

She also highlighted the Federal Government’s unwavering resolve to continue initiatives that enhance the wellbeing of pensioners, in line with President Tinubu’s Renewed Hope Agenda.