The Federal Government has cleared more than N39 billion in long-standing pension liabilities owed to retired employees of the defunct Nigerian Telecommunications Limited (NITEL), the former Power Holding Company of Nigeria (PHCN), and several now-defunct banks, marking one of the largest pension settlements in recent years.
The payment, announced by the government, fulfils a commitment by President Bola Tinubu’s administration to address inherited pension obligations that have left thousands of retirees waiting years for their entitlements.
Officials said the settlement is aimed at easing the financial burden on affected pensioners while reinforcing the government’s pledge to improve workers’ welfare and restore confidence in the country’s pension administration.
The liabilities stem from unresolved obligations accumulated over several years following the restructuring, privatisation and liquidation of state-owned enterprises and financial institutions, leaving many former employees without access to their full retirement benefits.
The government described the payment as part of broader efforts to resolve legacy pension debts, ensure prompt payment of retirees’ entitlements and strengthen public trust in Nigeria’s pension system.
The latest disbursement is expected to provide long-awaited relief to thousands of former workers who have endured years of uncertainty while awaiting their retirement benefits.
