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

The latest payment of ₦9.476 billion represents the outstanding 50 per cent balance of the arrears owed to the pensioners under the Defined Benefit Pension Scheme.

PTAD announced the disbursement in a statement on Thursday, saying the payment followed the release of ₦9.482 billion to the same group of beneficiaries in June 2026.

With both tranches now paid, the total amount disbursed to the affected pensioners stands at ₦18,958,199,952.27.

The directorate said the latest payment brings the BEC arrears owed to the affected PHCN pensioners to full settlement.

The payment concerns former workers of PHCN whose pension entitlements are administered under the Defined Benefit Pension Scheme. The BEC process was used to determine outstanding pension obligations due to eligible beneficiaries under the arrangement.

PTAD said the latest disbursement represents the conclusion of the outstanding payment obligation to the 3,958 pensioners covered by the exercise.

The development closes a specific arrears process involving pensioners of the former electricity utility, while the directorate continues to administer pension obligations under the Defined Benefit Pension Scheme.

In its statement, PTAD described the settlement as a significant step towards resolving outstanding pension liabilities and protecting the entitlements of pensioners covered by the scheme.

The agency said the payment also reflected the Federal Government’s commitment to addressing pension obligations and ensuring that eligible retirees receive benefits due to them.

PTAD Executive Secretary, Tolulope Odunaiya, reaffirmed the directorate’s commitment to pensioners and the payment of legitimate entitlements.

Odunaiya said every eligible pensioner under the Defined Benefit Pension Scheme should receive the benefits to which they are entitled, according to the agency.

The executive secretary also pointed to the welfare and dignity of pensioners, saying the administration remained committed to recognising the contribution of senior citizens who spent their productive years in national service.

The payment comes at a time when pension arrears remain a recurring issue for retirees covered by legacy pension arrangements.

PTAD’s role includes administering pension liabilities involving pensioners under the Defined Benefit Pension Scheme and handling outstanding obligations that fall within its mandate.

The completion of the PHCN BEC payment therefore represents the closure of the specific arrears covered by the latest disbursement.

The first tranche paid in June and the second tranche released in September have together delivered nearly ₦19 billion to the 3,958 beneficiaries.

PTAD said the years of sacrifice and service rendered by Nigeria’s senior citizens would continue to be recognised as the government advances measures aimed at protecting pensioners.

The latest payment brings the outstanding BEC obligation covered by the exercise to an end.

The directorate said it would continue to ensure that eligible retirees receive their legitimate pension entitlements under the Defined Benefit Pension Scheme.