The Pension Transitional Arrangement Directorate (PTAD) has disbursed N9.47 billion to 3,958 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN) under the Defined Benefit Pension Scheme (DBS), thereby fully settling the outstanding arrears arising from the Back-End Computation (BEC).
The latest payment, totalling N9,476,313,375.74, represented the outstanding 50 per cent balance of the BEC arrears owed to the affected pensioners.
The PTAD’s Head of Corporate Communications, Olugbenga Ajayi, in a statement indicated that the latest disbursement followed an earlier payment of N9,481,886,576.53 to the pensioners in June this year, raising the BEC arrears disbursements to the pensioners to N18,958,199,952.27.
Ajayi stated that the full settlement represented a significant milestone in resolving outstanding pension liabilities and reflected the commitment of the Federal Government and PTAD to protecting the welfare and entitlements of pensioners under the DBS.
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In her remarks, the Executive Secretary of PTAD, Tolulope Odunaiya, reaffirmed the Directorate’s commitment to ensuring that every eligible DBS pensioner receives all entitlements legitimately due to them.
Odunaiya also highlighted the commitment of the administration of President Bola Tinubu to the welfare, dignity and well-being of DBS pensioners, noting that the Federal Government, through PTAD, continue to address outstanding pension liabilities and ensure that retirees who devoted their productive years to national service receive their legitimate benefits.
According to her, the years of sacrifice and meritorious service rendered by Nigeria’s senior citizens would continue to be honoured as the administration continues to take initiatives aimed promoting a more dignified and secured retirement benefits for pensioners in the country.
