£26.5 million repatriated colonial fund used to settle pensioners – PTAD boss

The Pension Transitional Arrangement Directorate (PTAD) has announced that it has received 26.5 million pounds from the United Kingdom as leftover from the money used to pay British colonial officers who worked in Nigeria.

The Executive Secretary of PTAD, Dr Chioma Ejikeme, disclosed this during the 58th ministerial briefing at the State House.

Channels TV reports that the PTAD chief stated that the amount recovered was used to pay outstanding arrears to pensioners across all the pension departments, particularly the huge arrears inherited from the defunct and privatised agencies.

Also recovered as legacy pension assets by the directorate was the sum of 17.85 billion naira from Boards of Trustees and Underwriters of Treasury Funded Federal Parastatals.

The PTAD boss further revealed that the directorate has paid over 610 billion naira from January 2015 to December 2021 in monthly pensions, noting that it had achieved 90 percent of its mandate.

The PTAD boss also stated that the pension agency will pursue the implementation of a five-year pension review in 2024.

Dr Ejikeme also disclosed that the 1999 Nigeria Constitution, as amended had provided for five-yearly reviews, as the last review was carried out in 2019.

She equally noted that the review was in line with the current economic realities, and added that the agency will pursue the implementation of the constitutional provision of five yearly pension increments.

Follow the Neptune Prime channel on WhatsApp:

Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com