The Federal Government has disbursed N1.023 billion to 7,091 pensioners within the power and transportation sectors, according to a statement released on Sunday by the Pension Transitional Arrangement Directorate on X(formerly Twitter).

The statement, signed by PTAD Head of Corporate Communications Gbenga Ajayi, quoted PTAD Executive Secretary Chioma Ejikeme as saying that the payment represented 39 per cent of the pension arrears accumulated by pensioners from August 2015 to September 2023 within the Parastatals Pensions Department.

“The Pension Transitional Arrangement Directorate (PTAD) has finalized the payment of the sum of N1,023.756.22745 (One Billion. Twenty -Three Million. Seven Hundred and Fifty six Thousand. Two Hundred and Twenty-Seven Naira Forty-five Kobo) to 7.091 (Seven Thousand and Ninety-One) pensioners of the Power and Transport Sectors of the Parastatals Pension Department (PaPD).

“The payment represents 39% of the accrued pension arrears owed pensioners in the said Sectors for the period August 2015 to September 2023 as a result of the computation of the monthly pension Of pensioners Of PaPD based on their career details, salary structure and applicable pension increments,” the statement partly read.

Ejikeme also explained that the arrears were determined through a PTAD-conducted back-end calculation, which revealed a payroll issue in which 7,091 pensioners in the sector were receiving insufficient payments. 

She emphasized the need for corrective action to ensure that each pensioner earns an accurate pension for fairness, equity and justice.