FG Begins Payment of N32,000 Pension Increment to Retirees

The Federal Government has commenced the payment of the recently approved ₦32,000 pension
increment to retirees across the country, bringing relief to thousands of senior citizens who have
long clamored for an upward review of their benefits.
The increment, which was approved earlier this year in line with the new wage adjustment
framework, is aimed at cushioning the impact of inflation and rising living costs on pensioners.
The payments are being processed through the Pension Transitional Arrangement Directorate
(PTAD) and are expected to cover both arrears and current entitlements.

In a statement on Monday, government officials confirmed that the adjustment applies to
pensioners under the Defined Benefit Scheme (DBS). According to PTAD, the increment was
factored into September disbursements, and beneficiaries should begin to see the revised figures
reflect in their accounts.
“The Federal Government is committed to ensuring the welfare of our retirees, who have served
this nation with dedication,” the statement read. “This increase demonstrates our resolve to
protect the dignity of senior citizens by safeguarding their income against economic pressures.”
The news has been welcomed by pension unions, who described the increment as a “step in the
right direction,” while also urging government to continue periodic reviews to keep pace with
economic realities.

Analysts note that the move comes at a critical time, with Nigeria grappling with high inflation
rates and a weakened naira, both of which have eroded the purchasing power of fixed-income
earners, particularly pensioners.
The increment is expected to benefit thousands of retired public service workers, many of whom
have endured years of hardship due to stagnant pension payments.

By Oyinkansola Shittu.

thewyreng