Overdue pension increases reach 18,822 retirees in Nigeria

Nigeria’s pension administrator has paid 13.87 billion naira in overdue pension increases to 18,822 retirees, settling amounts that, for some beneficiaries, cover more than five years of adjustments.

The Pension Transitional Arrangement Directorate announced the disbursement in a November 1 statement. The beneficiaries are former workers of the defunct Power Holding Company of Nigeria and five other government-linked organisations.

Among those receiving payments, 7,391 were former power-company employees. Their arrears arose from a 13.8% pension increase and covered June 2021 to October 2026, a period of 65 months. A further 11,431 retirees received 22 months of arrears linked to a 20.55% increase, covering January 2025 to October 2026. That group included former workers in banking, insurance and telecommunications.

The retirees are covered by the Defined Benefit Scheme, an older public-sector pension arrangement in which benefits depend on factors including length of service and salary history. Both increases were approved through a National Salaries, Incomes and Wages Commission circular dated January 14, 2026.

The disbursement settles the accumulated arrears arising from these increases, providing money that can help beneficiaries meet essential expenses as rising living costs put pressure on household budgets.