A political advocacy group, the Tinubu Media Volunteers (TMV), has commended the Nigerian government for fully disbursing $11.6m (₦18.96bn) to clear decades-old pension arrears owed to former employees of the defunct Power Holding Company of Nigeria (PHCN).
In a joint statement issued in Abuja by Chairman Chukwudi Enekwechi and Secretary Segun Ogedengbe, the group highlighted the release of the final 50% tranche—amounting to ₦9.476bn—by the Pension Transitional Arrangement Directorate (PTAD).
The payment settles backend computation arrears owed to 3,958 eligible retirees under the Defined Benefit Pension Scheme, following an initial 50% disbursement of ₦9.482bn made in June.
The group noted that the entitlements had remained unpaid for over two decades following the privatization and unbundling of the state-owned power utility.
TMV described the final payout as a significant milestone, comparing it to previous interventions by the administration to resolve long-standing liabilities, including backlogs owed to former Nigeria Airways staff.
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