Two pension stories appeared in the first days of November 2026, and people are mixing them up. One is about payments made to retirees of old federal agencies. The other is about complaints from the Central Bank’s own retirees. Here is what each one says, in plain English.
Explain it like I’m 5
Imagine your landlord promises to raise your allowance every year. If he forgets to pay the raise for months, he owes you the difference for all those months. That is “arrears”. When government approves a pension increase but pays late, retirees are owed the missing months.
Two schemes, two kinds of pensioner
- Defined Benefit Scheme (DBS): the old “pay-as-you-go” arrangement, where the employer or government pays the pension from its own budget.
- Contributory Pension Scheme (CPS): the Retirement Savings Account (RSA) system, where you and your employer pay into your own account with a Pension Fund Administrator.
Story 1: PTAD pays ₦13.87 billion in arrears
In a statement dated 1 November 2026, the Pension Transitional Arrangement Directorate (PTAD) said it had paid ₦13.87 billion in pension increment arrears to 18,822 DBS retirees. The statement put the exact total at ₦13,873,565,547.52. It was split into two groups:
- ₦9.42 billion to 7,391 former PHCN pensioners. This covered the 13.8% increment, for 65 months from 1 June 2021 to 31 October 2026.
- ₦4.46 billion to 11,431 retirees of five defunct agencies (Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL). This covered the 20.55% increment, for 22 months from 1 January 2025 to 31 October 2026.
PTAD said both increments were approved by the National Salaries, Incomes and Wages Commission in a circular dated 14 January 2026. One outlet noted that the statement did not say whether other groups of DBS pensioners are still owed arrears, or when those would be settled.
Story 2: The House and the CBN’s retirees
On 3 November 2026, the House of Representatives adopted a motion about alleged unpaid pensions and benefits for retirees of the Central Bank of Nigeria. The motion, presented by Hon. Hussaini Jallo, raised alleged breaches of pension agreements, non-implementation of a harmonisation policy, and the alleged exclusion of some pensioners from general increases. The House called on Governor Olayemi Cardoso to appear and explain. Reports differ on whether he was “summoned” or “invited”. At the time of writing, no CBN response and no date for an appearance had been reported. These are allegations, and nothing has been proven.
These are separate stories. The PTAD payments are for DBS retirees of certain federal agencies. The House motion concerns the CBN’s own retirees.
What this means if you are on an RSA
These arrears are mainly a DBS problem. If you are on the Contributory Pension Scheme, your pension sits in your own RSA. But the stories are a reminder to check your own position:
- Log in to your PFA and check your latest statement.
- Confirm that your employer is remitting your contributions every month.
- Keep your RSA details and your employment records safe.
For more on RSAs, read our guide on what happens to your pension when you change jobs.
What retirees on the old scheme can do
- Keep your retirement letter, approval documents and bank records.
- Ask PTAD, in writing, whether you are owed any increment and for which period.
- Speak with your pensioners’ association, which may be tracking the status of your group.
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FAQ
Who was paid the ₦13.87 billion?
18,822 DBS retirees: 7,391 former PHCN pensioners and 11,431 retirees of five defunct agencies, according to PTAD.
Is the House motion about the same payments?
No. It concerns alleged unpaid pensions and benefits for the CBN’s own retirees, not the PTAD payments.
Does this affect my RSA?
Not directly. RSA contributions are held in your own account. But it is still smart to check your statements and employer remittances.
Sources
- FG releases N13.87bn pension arrears to 18,822 retirees — P.M. News (1 November 2026)
- PTAD pays N13.87bn pension arrears to 18,822 retirees — BusinessDay
- Reps Summon CBN Governor Cardoso Over Alleged Unpaid Pension Arrears — Freedom Online
- Reps to summon CBN governor over unpaid pension arrears — The Telegraph (3 November 2026)
This article reports published news and explains pension terms in general. It is not financial or legal advice, and claims against any institution are allegations unless stated otherwise. See our Disclaimer.
