The Pension Transitional Arrangement Directorate (PTAD) has finalised the payment of ₦1.023 billion to 7,091 pensioners of the Power and Transport Sectors of the Parastatals Pensions Department (PaPD).

PTAD’s Head of Corporate Communications, Mr Gbenga Ajayi, stated on Saturday in Abuja that the payment represented 39 percent of accrued pension arrears owed the pensioners from August 2015 to September 2023.

He explained that the figure was arrived at after the computation of the monthly pension of pensioners of PaPD based on their career details, salary structure and applicable pension increments.

He stated also that the arrears were ascertained during a back-end computation conducted by PTAD.

Ajayi stressed that PTAD discovered that 7,091 pensioners in the sector were being underpaid based on the payroll it inherited.

He added that PTAD’s Executive Secretary, Dr Chioma Ejikeme, had noted that the back-end computation was mandatory to ensure that each pensioner earned the accurate pension for fairness, equity and justice.

Ejikeme also assured federal pensioners under the Defined Benefit Scheme that the Federal Government was committed to their welfare.

She assured also that all arrears would continue to be paid until all accrued pension arrears were liquidated subject to government funding, Ajayi stated.