The Federal Government has settled outstanding pension liabilities amounting to ₦39 billion owed to retirees of the defunct Nigerian Telecommunications Limited (NITEL), the Power Holding Company of Nigeria (PHCN), and several defunct banks.
The payment, made through the Pension Transitional Arrangement Directorate (PTAD), is aimed at clearing long-standing pension arrears and improving the welfare of retirees who have waited years to receive their entitlements.
The government said the settlement reflects its commitment to fulfilling pension obligations and ensuring that retirees receive their benefits promptly, while reaffirming its resolve to address outstanding pension liabilities across the public sector.
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