Business
PTAD To Begin Pensioners’ Verification Exercise
Pension Transitional Arrangement Directorate (PTAD) has announced the recommencement of the Parastatal Pensioner Verification Exercise for pensioners and Next of Kin (NoK) under the Defined Benefit Scheme (DBS).
The management of PTAD made the announcement on its website, adding that the exercise concerned all Treasury Funded parastatals, agencies and institutes in five of the six geopolitical zones of the country.
The geo-political zones are the South West, North East, South East, North West and North Central.
The Tide source reports that the DBS was in existence before the introduction of the Pension Reform Act 2004.
The directorate also said that exercise would start from July 15 to October 30 at 8a.m to 4p.m daily except on Sundays and in different allotted centres in each zone.
The exercise in the south west zone is scheduled to begin on July 15 to July 24 in allocated centres in Ibadan, Abeokuta and Osogbo.
Also, the verification dates for the north east zone would start on August 5 till August 9 in assigned centres in Bauchi and Maiduguri.
For the south east zone, the exercise would start on August 26 till September 4 in selected centres in Enugu, Awka and Owerri.
In the north west zone, the exercise would begin on September 23 till October 2 in selected centres in Kaduna, Kano and Sokoto.
Lastly, the verification in the north central zone would start on October 21 till October 30 in centres in Abuja, Ilorin and Minna.
The organisation added that the verification would also cover retirees of 270 agencies.
The agencies include federal universities, polytechnics, research institutes and other treasury funded parastatals, agencies and institutes, colleges of education, teaching hospitals and medical centres.
Also included are, Power Holding Company of Nigeria, Nigeria Railway Corporation and Nigeria Postal Services.
The management also said that the exercise would cover retirees of the defunct or privatised agencies yet to be verified.
These include Aluminum Smelter Company of Nigeria (ALSCON), Nigeria Aviation Handling Company (NAHCO), Assurance Bank and Nigerian National Shipping Line (NNSL).
The directorate added that all pensioners currently living outside the Country will be verified whenever they visit provided they show proof of residency outside Nigeria.
It explained that such proof should be provided in advance via PTAD’s email: info@ptad.gov.ng.
Furthermore, it stated that mobile verification would be conducted for sick and pensioners with disabilities.
“The original documents of the pensioners must be brought to the verification venue together with proof of infirmity for authentication, before mobile verification can be scheduled,” it added.
The management also emphasised that the verification did not include pensioners from customs, immigration and prisons, civil service and police, as well as from parastatals, who had previously been verified by PTAD.
It noted that pensioners are not required to travel to the states they retired from to be verified, adding that they could be verified in any of the centres in the geo-political zones where they reside.
The organisation also advised retirees to be wary of fraudsters “as pension payment is free”.
“PTAD will NEVER request for cash to process your pension. Please call 08144607574 or email actu@ptad.gov.ng to report suspicious phone calls or messages.”
Pensioners were further advised to call PTAD’s Toll Free Lines on 0800-2255-7823, email info@ptad.gov.ng or complaints@ptad.gov.ng, or visit its website on www.ptad.gov.ng for more information.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.