FG pays N18.96bn PHCN pension arrears to 3,958 retirees

The Federal Government, through the Pension Transitional Arrangement Directorate, says it has completed payment of N18.96 billion in Back-End Computation arrears to 3,958 eligible former Power Holding Company of Nigeria workers.

The latest payment was N9.476 billion, which PTAD described as the outstanding 50 per cent balance owed to the affected pensioners under the Defined Benefit Pension Scheme.

It follows an initial N9.482 billion disbursement in June 2026. Together, the two payments bring the amount settled under the exercise to N18,958,199,952.27.

In a statement dated September 17, PTAD said the latest tranche amounted to N9,476,313,375.74, following the earlier N9,481,886,576.53 payment. Vanguard reported that the statement was issued by the directorate’s Head of Corporate Communications, Olugbenga Ajayi; Punch also reported the completed settlement.

The announcement covers the Back-End Computation arrears owed to this group of PHCN pensioners. PTAD described it as full settlement of those arrears, rather than a declaration that every category of power-sector pension obligation had been cleared.

NaijaTrend reported the first PHCN instalment as part of an earlier, wider pension-arrears exercise covering retirees from several institutions here.

PTAD Executive Secretary Tolulope Odunaiya said the directorate remained committed to ensuring that every eligible pensioner under the Defined Benefit Pension Scheme received the entitlements legitimately due to them.

The directorate said it would continue working with the Federal Government to address outstanding pension liabilities and protect the welfare of retirees who had served the country.

Sources: Punch, Vanguard