PTAD settles ₦18.96 billion in PHCN pension arrears

The Pension Transitional Arrangement Directorate (PTAD) has completed the disbursement of ₦18.96 billion to settle outstanding Back-End Computation (BEC) arrears for 3,958 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN).

The total settlement was executed in two tranches under the Defined Benefit Pension Scheme (DBS). A previous disbursement of approximately ₦9.48 billion was made in June, followed by the final payment of ₦9.47 billion to clear the remaining 50 per cent balance. These arrears resulted from pension benefit recalculations following historical adjustments to salary structures and service records after the national power utility was unbundled and privatized.

PTAD officials stated that this milestone resolves long-standing financial obligations owed to former electricity sector employees. The Directorate emphasized its commitment to reconciling legacy pension liabilities and ensuring that verified federal pensioners receive their legitimate entitlements.