The Pension Transitional Arrangement Directorate (PTAD) has disbursed N18.96 billion to settle outstanding Back-End Computation (BEC) arrears owed to 3,958 eligible pensioners of the former Power Holding Company of Nigeria (PHCN) under the Defined Benefit Pension Scheme (DBS).
The final payment of N9.476 billion represents the outstanding 50% balance, following an initial N9.482 billion disbursement in June 2026.
In a statement published on its X handle on Thursday, PTAD said the two payments brought the total disbursed to N18,958,199,952.27, completing the settlement of the BEC arrears for the affected pensioners.
The Directorate described the settlement as “a significant milestone in the resolution of outstanding pension liabilities,” adding that it reflects the Federal Government’s commitment to protecting the welfare and entitlements of DBS pensioners.
PTAD Executive Secretary, Tolulope Odunaiya, reaffirmed the agency’s commitment to ensuring that all eligible pensioners receive the benefits legitimately due to them.
She also highlighted President Bola Ahmed Tinubu’s administration’s focus on pensioners’ welfare, saying “the years of sacrifice and meritorious service rendered by Nigeria’s senior citizens will continue to be recognised and honoured.”
PTAD said it would continue working to resolve outstanding pension obligations and ensure that retirees who devoted their productive years to national service receive their entitlements.
The payment follows other Federal Government efforts to settle retirement-related obligations.
PenCom has also extended the deadline for mandatory online verification and enrolment of eligible federal workers to December 31, 2026, following low participation in the exercise.
Nigeria’s pension industry continued to expand in 2026, with total pension assets reaching a record N31.32 trillion in May, according to PenCom’s unaudited industry report.
In December 2025, PenCom also announced the commencement of the disbursement of a N758 billion Federal Government pension bond to clear outstanding pension liabilities owed to retirees.
