The Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), has completed the payment of N18.96 billion in outstanding pension arrears to 3,958 former employees of the Power Holding Company of Nigeria (PHCN) under the Defined Benefit Pension Scheme (DBS).
According to a statement issued by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, on September 17, 2026, the latest disbursement of N9.48 billion represents the outstanding 50 per cent balance of arrears arising from the Back-End Computation (BEC).
The payment followed an earlier disbursement of N9.48 billion made in June 2026 to the same group of pensioners as the first 50 per cent tranche.
PTAD said the latest payment brought the total amount disbursed to the affected pensioners to N18,958,199,952.27, effectively settling the BEC arrears covered by the exercise.
The Directorate said, “PTAD has successfully disbursed the sum of N9,476,313,375.74 to 3,958 eligible PHCN Pensioners under the Defined Benefit Pension Scheme (DBS), representing the outstanding 50 percent balance of arrears arising from the Back-End Computation (BEC).”
It added that the latest payment followed the N9,481,886,576.53 disbursed in June 2026 as the first 50 percent tranche of the arrears.
“With this payment, the Directorate has fully settled the BEC arrears owed to the affected PHCN Pensioners, bringing the total amount disbursed to N18,958,199,952.27,” PTAD stated.
The agency described the full settlement as a significant milestone in resolving outstanding pension liabilities and reaffirmed the Federal Government’s commitment to protecting the welfare and entitlements of pensioners under the DBS.
Quoting PTAD Executive Secretary, Tolulope Odunaiya, the statement said the Directorate remained committed to ensuring that every eligible pensioner received all legitimate entitlements due to them.
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Odunaiya also said the administration of President Bola Tinubu remained committed to the welfare, dignity and well-being of DBS pensioners, adding that the government, through PTAD, was addressing outstanding pension liabilities and ensuring that retirees who served the country received their benefits.
According to her, the years of sacrifice and service rendered by Nigeria’s senior citizens would continue to be recognised and honoured as the administration pursued initiatives aimed at protecting their welfare and promoting a more dignified and secure retirement.
PTAD said the latest disbursement marked the completion of the BEC arrears covered by the exercise for the 3,958 affected PHCN pensioners.
