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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.
What PTAD is saying
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.
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- “The latest disbursement follows the payment of N9,481,886,576.53 (Nine Billion, Four Hundred and Eighty-One Million, Eight Hundred and Eighty-Six Thousand, Five Hundred and Seventy-Six Naira, Fifty-Three Kobo) made in June 2026.
- “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 (Eighteen Billion, Nine Hundred and Fifty-Eight Million, One Hundred and Ninety-Nine Thousand, Nine Hundred and Fifty-Two Naira, Twenty-Seven Kobo).”
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.
Get up to speed
The payment follows other Federal Government efforts to settle retirement-related obligations.
- Nairametrics earlier reported that the government paid about N1.1 billion in additional exit benefits to 175 retirees from Treasury-funded Ministries, Departments and Agencies (MDAs). The beneficiaries left the Federal Public Service between January 1 and August 31, 2026.
- Meanwhile, the National Pension Commission (PenCom) has introduced initiatives to improve pension administration and update contributors’ records.
- In February 2026, the commission launched its Data Recapture Self-Service Platform (PENCAP), enabling Retirement Savings Account (RSA) holders to complete mandatory pension data recapture remotely.
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.
What you should know
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.
- Nairametrics reported that about 91.4% of retirement savings accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) remained unfunded at the end of the first quarter of 2026.
- As of October 2025, PenCom said more than 552,000 retirees were receiving regular monthly pensions under the CPS, while total pension assets had surpassed N25 trillion.
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.
