The Federal Government 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).
The Pension Transitional Arrangement Directorate (PTAD) disclosed this in a statement issued on Thursday, September 17, 2026, by its Head of Corporate Communications, Olugbenga Ajayi.
According to the agency, the latest payment of N9.48 billion represents the outstanding 50 per cent balance of arrears arising from the Back-End Computation (BEC) exercise.
PTAD had earlier paid N9.48 billion to the same group of pensioners in June 2026 as the first 50 per cent tranche.
With the latest disbursement, the total amount paid to the affected pensioners stands at N18,958,199,952.27, effectively settling the BEC arrears covered by the exercise.
“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 per cent balance of arrears arising from the Back-End Computation (BEC),” the Directorate said.
The agency explained that the latest payment followed the N9,481,886,576.53 disbursed in June 2026 as the first tranche.
“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 Directorate described the settlement as a major step towards resolving outstanding pension liabilities involving retired PHCN workers.
PTAD Executive Secretary, Tolulope Odunaiya, said the agency remained committed to ensuring that all eligible pensioners receive their legitimate entitlements.
Odunaiya also said the Federal Government, through PTAD, was focused on addressing outstanding pension obligations and protecting the welfare and dignity of pensioners under the Defined Benefit Pension Scheme.
She added that the contributions and years of service of retired workers would continue to be recognised as the government implements measures aimed at promoting a more secure and dignified retirement.
The latest disbursement brings the BEC arrears payment exercise for the 3,958 affected PHCN pensioners to a close.
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