According to the Military Pensions Board, it has paid eligible retirees the fourth and last instalment of 25% of the 24 months' worth of National Minimum Wage increase arrears.
Rear Admiral Saburi Lawal, the board chairman, announced the news in a statement released in Abuja.
The payment, according to him, started on Thursday.
After the Board paid the third tranche of the minimum wage arrears on August 4, Lawal declared the payment was in accordance with its pledge.
The qualified military retirees who were active in the board's database were receiving the fourth and final tranche, he claimed.
According to him, it is in fulfillment of the agreement reached between the board and the Federal Ministry of Finance, Budget and National Planning for quarterly release of the appropriated sum this year.
Lawal said: “All eligible military pensioners are therefore, advised to contact their respective banks for their entitlements.
“On behalf of our esteemed military pensioners, the Board wishes to thank President Muhammadu Buhari for his immense support to the Board and military retirees.
“Also, the Board extends its appreciation to the Minister of Defence, retired Major General Bashir Magashi, and Minister of Finance, Budget and National planning, Hajia Zainab Ahmed for their intervention.
“The board also appreciate the Chief of Defence Staff, General Lucky Irabor as well as the Service Chiefs for their support and Intervention towards ensuring that funds for settling these arrears were appropriated for in the 2022 budget and cash backed accordingly.
“The Board would also like to thank our esteemed military retirees for their patience, understanding and continued support.”