Nigeria’s pension agency has cleared its remaining liabilities to nearly 4,000 power sector retirees, disbursing ₦9.47bn ($11.5m) in outstanding arrears.
The Pension Transitional Arrangement Directorate (PTAD) announced on Thursday that the payment completes a two-stage settlement for former workers of the defunct Power Holding Company of Nigeria (PHCN).
The agency had previously released a matching sum in June, bringing the total payout to ₦18.95bn ($23m). The lump sums resolve long-standing unpaid back-pay calculated under the country’s Defined Benefit Pension Scheme, a legacy framework managed by the government for workers who retired before private pension reforms were introduced.
Tolulope Odunaiya, the executive secretary of PTAD, said the final tranche marks the complete resolution of the debt, framing the payout as part of broader government efforts to clear historical pension shortfalls and support elderly citizens facing economic pressures.
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