Nigeria pays billions to retired power workers
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The Federal Government of Nigeria, through the Pension Transitional Arrangement Directorate (PTAD), paid ₦18.96 billion (Nigerian Naira) to 3,958 former employees of the Power Holding Company of Nigeria (PHCN).
This payment resolves outstanding pension arrears for the retirees under the Defined Benefit Pension Scheme. PTAD made the final payment of ₦9.48 billion in September 2026, completing a two-part disbursement.
In June 2026, the agency initially paid another ₦9.48 billion to the same group of pensioners, covering the first half of the owed amount. The payments address a backlog of arrears resulting from a Back-End Computation (BEC) process. PTAD stated that resolving this liability marks a major step in fulfilling the government’s obligations to retired workers.
Tolulope Odunaiya, Executive Secretary of PTAD, affirmed the commitment to ensure all eligible pensioners receive their due entitlements, and credited President Bola Tinubu’s administration with prioritizing pensioner welfare. With this final disbursement, PTAD has fully settled the BEC arrears for these PHCN pensioners, acknowledging their years of service to the country and aiming to provide a more secure retirement.
