The Federal Government has fully settled outstanding pension arrears for 3,958 former Power Holding Company of Nigeria (PHCN) employees, disbursing a total of N18.96 billion under the Defined Benefit Pension Scheme.
The Pension Transitional Arrangement Directorate (PTAD) said the final tranche of N9.48 billion was paid this week, representing the remaining 50 per cent of arrears calculated under the Back-End Computation. An identical sum of N9.48 billion had already been released to the same group of pensioners in June 2026.
The total amount paid stands at N18,958,199,952.27. PTAD’s Head of Corporate Communications, Olugbenga Ajayi, confirmed the development in a statement dated September 17, 2026.
PTAD described the full settlement as a significant step in clearing longstanding pension liabilities. Executive Secretary Tolulope Odunaiya said the directorate remains committed to ensuring every eligible pensioner receives all legitimate entitlements, noting that the administration of President Bola Tinubu continues to prioritise the welfare of retirees under the Defined Benefit Scheme.
The latest payment closes the Back-End Computation arrears for the affected PHCN pensioners.
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