FG fully settles N18.96bn PHCN pension arrears for 3,958 retirees

The Federal Government has completed payment of N18.96 billion in outstanding pension arrears owed to 3,958 former staff of the defunct Power Holding Company of Nigeria (PHCN), the Pension Transitional Arrangement Directorate (PTAD) has announced.

In a statement dated September 17, 2026, PTAD’s Head of Corporate Communications, Olugbenga Ajayi, said the agency disbursed N9.48 billion as the final 50 per cent tranche of arrears arising from the Back-End Computation (BEC) exercise, under the Defined Benefit Pension Scheme (DBS).

The latest payout follows an earlier N9.48 billion tranche disbursed in June 2026 to the same set of pensioners. With both payments made, PTAD said the total BEC arrears settled now stands at N18,958,199,952.27, closing out the liability entirely.

The Directorate described the full settlement as a major milestone in resolving outstanding pension obligations and reiterated the Federal Government’s commitment to protecting the welfare of DBS pensioners.

PTAD’s Executive Secretary, Tolulope Odunaiya, said the agency remained committed to ensuring every eligible pensioner receives their full entitlements. She also credited the administration of President Bola Tinubu with prioritising the welfare and dignity of retirees, noting that government efforts through PTAD were geared toward addressing pension backlogs and ensuring timely payments to those who served the nation.

With this disbursement, PTAD confirmed that the BEC arrears exercise for the 3,958 affected PHCN pensioners has now been fully concluded.

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