FG clears N18.96bn PHCN pension arrears for 3,958 retirees

The Federal Government has cleared N18.96 billion in pension arrears for 3,958 former employees of the Power Holding Company of Nigeria (PHCN) under the Defined Benefit Pension Scheme. This payment, representing the outstanding 50 percent balance of arrears, was made by the Pension Transitional Arrangement Directorate (PTAD) and marks the completion of a major pension liability. PTAD's Executive Secretary, Tolulope Odunaiya, reaffirmed the government's commitment to ensuring the welfare of pensioners.