The Pension Transitional Arrangement Directorate (PTAD) has paid a total of N18.96 billion to settle outstanding pension arrears owed to 3,958 eligible former employees of the Power Holding Company of Nigeria (PHCN).

The payment covers Back-End Computation (BEC) arrears owed to pensioners under the Defined Benefit Pension Scheme.

PTAD said the latest disbursement of N9.476 billion represented the remaining 50 per cent of the outstanding arrears owed to the affected pensioners.

The latest payment followed an earlier disbursement of N9.482 billion made in June 2026 as the first 50 per cent tranche.

With the latest payment, the directorate said the entire BEC arrears had been cleared, bringing the total amount released to N18,958,199,952.27.

The agency described the settlement as a major step towards resolving outstanding pension liabilities and ensuring that eligible pensioners receive their benefits.

PTAD Executive Secretary, Tolulope Odunaiya, reaffirmed the agency’s commitment to ensuring that every eligible pensioner under the Defined Benefit Scheme receives all entitlements due to them.

She said the government would continue to address outstanding pension obligations and promote the welfare of retirees who contributed their productive years to national service.

The directorate added that efforts would continue towards protecting the rights and entitlements of pensioners and ensuring a more secure retirement for eligible beneficiaries.