The Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), has concluded 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).
In a statement issued on September 17, 2026, by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, the agency disclosed that it had paid N9.48 billion as the remaining 50 percent balance of arrears resulting from the Back-End Computation (BEC) exercise.
According to the statement, the latest disbursement follows an earlier payment of N9.48 billion made in June 2026 as the first tranche of the arrears.
“The payment follows an earlier disbursement of N9.48 billion made in June 2026 to the same group of pensioners as the first 50 per cent tranche.
“With the latest disbursement, PTAD said the BEC arrears owed to the affected PHCN pensioners had been fully settled, bringing the total amount paid to N18,958,199,952.27. The development marks the completion of a major outstanding pension liability involving thousands of retired workers.
“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),” the Directorate stated.
PTAD explained that the latest payment follows the N9,481,886,576.53 released in June 2026, which represented the first 50 percent tranche of the BEC 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 added.
The agency described the settlement as a major step in resolving long-standing pension obligations and reiterated the Federal Government’s commitment to safeguarding the welfare and entitlements of pensioners under the DBS.
Quoting PTAD Executive Secretary, Tolulope Odunaiya, the statement noted that the Directorate remains committed to ensuring that all eligible pensioners receive their rightful benefits.
Odunaiya also commended the administration of President Bola Tinubu for prioritising the welfare, dignity and well-being of DBS pensioners, noting that efforts were ongoing to clear outstanding pension liabilities and ensure retirees receive the benefits due to them.
According to the Executive Secretary, the sacrifices and years of service rendered by Nigeria’s senior citizens will continue to be recognised as the government advances policies aimed at improving their welfare and ensuring a more secure and dignified retirement.
The payment concludes the BEC arrears settlement exercise for the 3,958 affected PHCN pensioners, PTAD stated.
