The executive secretary of the Pension Transitional Administration Directorate (PTAD), Mrs. Sharon Ikeazor, has said that the Federal Government owes retirees the sum of N38 billion, which is a 33 per cent arrears of the 238,533 retirees. Ikeazor, who disclosed this in Abuja during the 2017/2018 budget defence with the House of Representatives’ Committee on Pensions, said out of the N38bn, the police was owed N1.6bn, while the civil service and parastatals were owed N6.1bn and N30.1bn, respectively. She said: “The quantum of liabilities comprised of the arrears of 33 per cent pension increment, which the Federal Government approved in July 2010, but the implementation of which did not start until 42 months later in January 2014. “There was also the outstanding death benefits of next-of-kins as well as the arrears owed to pensioners who were arbitrarily removed from payroll under the previous dispensation.” She told the committee that PTAD received a total sum of N16bn assets and money as legacy fund from some insurance companies out of total sum of N25bn legacy funds.
For example, NICON Insurance transferred total sum of N13bn worth of assets to the Directorate, while the directorate recovered the sum of N5.6bn from Leadway Assurance Limited, Custodian Life Assurance Limited, LASACO Assurance Plc. and African Alliance Insurance Plc. over the past two years. Speaking further on the activities of PTAD, Ikeazor said the Directorate opened a recovery account with the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA) where the insurance companies are to remit the legacy fund. On challenges facing the agency, the executive secretary disclosed that some fraudulent family members of dead pensioners were still collecting their pension payments from the directorate.