The Pension Transitional Arrangement Directorate (PTAD) has paid N9.42 billion in outstanding pension arrears to 7,391 former workers of the defunct Power Holding Company of Nigeria (PHCN).

The payment represents 65 months of arrears arising from a 13.8 per cent pension increase approved for eligible retirees under the Defined Benefit Scheme (DBS). According to PTAD, the arrears cover the period between June 1, 2021, and October 31, 2026.

The directorate disclosed the payment in a statement issued by its Head of Corporate Communications, Olugbenga Ajayi, who said the disbursement was part of efforts to settle outstanding pension obligations owed to retired public sector workers. Beyond the former PHCN workers, PTAD also paid N4.46 billion to 11,431 pensioners from five other defunct government linked organisations.

The beneficiaries include former employees of the Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL. The N4.46 billion payment covers 22 months of outstanding pension adjustments resulting from a 20.55 per cent increase. The arrears cover January 1, 2025, to October 31, 2026.

The two pension increases were approved by the National Salaries, Incomes and Wages Commission (NSIWC) through a circular dated January 14, 2026. Combined, the payments amount to N13.87 billion distributed to 18,822 pensioners under the Defined Benefit Scheme. PTAD said the disbursement reflects the Federal Government’s commitment to addressing outstanding pension liabilities and improving the welfare of retirees who served in public institutions.

The directorate also reaffirmed its commitment to improving pension administration, ensuring timely payment of entitlements and reducing delays for eligible beneficiaries.