PTAD, retirees in fresh showdown over Tinubu’s N32,000 pension increase

Former workers of the defunct Assurance Bank Plc have renewed their battle with the Pension Transitional Arrangement Directorate (PTAD), protesting what they described as an unjust exclusion from the N32,000 pension increment approved by President Bola Tinubu, while PTAD insists they are not entitled to the benefit under existing government guidelines.

The retirees staged a peaceful demonstration at PTAD’s Lagos State office, demanding inclusion in the pension enhancement package and drawing attention to what they called years of inadequate pension payments.

However, in a statement in Abuja over the weekend, PTAD defended its position, stating that the affected pensioners had long been informed that they are excluded from the N32,000 increment in line with directives issued by the National Salaries, Incomes and Wages Commission (NSIWC).

While acknowledging the constitutional right of pensioners to express their grievances, he maintained that the protesters were fully aware of the policy governing their pension adjustments.

According to PTAD, the NSIWC Circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024, specifically exempted Defined Benefit Scheme (DBS) pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL from benefiting from the N32,000 pension increase.

The directorate explained that instead of the flat-rate increment, pensioners from the affected institutions were placed on a separate pension review structure based on percentage increases.

It stated that another NSIWC circular dated November 24, 2024, approved pension increases of 10.66 per cent and 12.95 per cent for retirees under the category.

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“Pursuant to NSIWC Circular Ref. No. SWC/S/04/S.557/T/233 dated November 24, 2024, DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are entitled to pension increases of 10.66 per cent and 12.95 per cent,” PTAD said.

The agency expressed surprise that the former bank workers, accompanied by members of the media, chose to protest despite what it described as a clear understanding of the policy.

“This position has been duly communicated to all affected DBS pensioners. It is therefore surprising that ex-workers of Assurance Bank Plc visited the PTAD Lagos State Office to protest their non-inclusion despite being aware that they are not entitled to the benefit under the applicable guidelines,” the statement noted.

PTAD further disclosed that it had already implemented the approved pension increases in its September 2025 payroll and settled all associated arrears for eligible pensioners.

The directorate revealed that in December 2025, it paid N5.1 billion to 11,205 pensioners from the affected organisations, representing 50 per cent of the arrears arising from the approved percentage increments.

“In December 2025, PTAD disbursed a total sum of N5,095,197,136.52 to 11,205 eligible DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL, being a 50 per cent payment of the arrears arising from the 10.66 per cent and 12.95 per cent pension increment,” the agency stated.

PTAD reaffirmed its commitment to ensuring prompt and transparent payment of pension entitlements in line with the Renewed Hope Agenda of the Tinubu administration.

But for the retirees, the issue goes beyond policy circulars and percentages.

Their grievance centres on what they describe as a discriminatory pension regime that has left many of them struggling to survive despite decades of service.

The protesters argued that although PTAD absorbed them into its pension system in 2019, their benefits remain significantly lower than those enjoyed by regular Federal Government pensioners.

Speaking during the protest, coordinator and former Assurance Bank employee, Idowu Oshikoya, lamented the plight of many retirees who, he said, are living on pensions that can barely sustain them.

“We are ex-staff of the defunct Arab Bank and Assurance Bank. We worked, and we are qualified to be paid pension. Up till now, many of us are here to be paid; even those who are paid are not sufficiently paid,” he said.

Oshikoya maintained that while the Federal Government approved measures to cushion economic hardship for pensioners and workers, retirees from the defunct banks were left behind.

“The N32,000 palliative that was granted for all minimum wage earners, we are excluded. I can tell you for free that many of us here, our pension is under N10,000. I don’t know how we can survive with that,” he lamented.

As both sides hold firmly to their positions, the dispute has once again highlighted the growing concerns over pension adequacy and the welfare of thousands of retirees struggling to cope with Nigeria’s rising cost of living.