The Pension Transitional Arrangement Directorate (PTAD) has paid a total of N18.96 billion in outstanding pension arrears to 3,958 former Power Holding Company of Nigeria (PHCN) workers under the Defined Benefit Scheme.
Key Highlights
- PTAD has paid N18.96 billion in outstanding pension arrears to 3,958 former PHCN workers under the Defined Benefit Scheme.
- The latest N9.47 billion payment represents the final 50% balance of arrears from the Back-End Computation (BEC).
- PTAD had earlier paid N9.48 billion to the affected pensioners in June as the first tranche.
- The agency said the payment is part of efforts to clear outstanding pension liabilities owed to former PHCN workers.
- PTAD Executive Secretary Tolulope Odunaiya reaffirmed the agency’s commitment to ensuring eligible pensioners receive their legitimate entitlements.
The latest disbursement of N9.47 billion represents the final 50 per cent balance of arrears arising from the Back-End Computation (BEC) owed to the affected pensioners.
PTAD’s Head of Corporate Communications, Olugbenga Ajayi, disclosed this in a statement issued in Abuja on Thursday.
Ajayi said the agency had earlier released N9.48 billion to the same group of pensioners in June as the first 50 per cent tranche.
He said the latest payment had therefore brought the total amount disbursed to the 3,958 pensioners to N18.96 billion.
The development comes as the agency moves to settle outstanding pension liabilities owed to former PHCN workers under the Federal Government’s Defined Benefit Scheme.
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According to PTAD, the payment represents a major step towards resolving pension arrears arising from the computation of benefits due to the affected retirees.
The Executive Secretary of PTAD, Tolulope Odunaiya, said the agency remained committed to ensuring that eligible pensioners receive their legitimate entitlements.
Odunaiya said the Federal Government was committed to protecting the welfare, dignity and well-being of pensioners by addressing outstanding liabilities owed to retirees.
She said the sacrifices and years of service rendered by Nigeria’s senior citizens must continue to be recognised and honoured.
The executive secretary added that the administration of President Bola Tinubu remained committed to policies and initiatives aimed at promoting a more dignified and secure retirement for Nigerian pensioners.
