President Bola Tinubu has greenlit a series of transformative measures aimed at improving the welfare of Defined Benefit Scheme (DBS) pensioners, aligning with his administration’s ‘Renewed Hope Agenda.’
The announcement was made on Friday in a statement by Mr. Olugbenga Ajayi, Head of Corporate Communications at the Pension Transitional Arrangement Directorate (PTAD).
In a significant move, President Tinubu approved an immediate extra-budgetary allocation to fully implement new pension rates for DBS pensioners.
The reforms include a new minimum pension rate of N32,000, alongside increases of 10.66% and 12.95% for pensioners of defunct and privatized agencies, respectively.
Additionally, the President endorsed a proposed pension harmonization policy and health insurance coverage for all DBS pensioners, both to be incorporated into the 2026 pension budget.
The 2026 budget will also address unpaid liabilities owed to retirees of NITEL/MTEL and other Treasury-funded parastatals.PTAD Executive Secretary, Tolulope Odunaiya, hailed the approvals as historic, emphasizing President Tinubu’s unwavering commitment to the welfare of Nigeria’s senior citizens.
“These measures mark a new era in DBS pension management, ensuring dignity and financial security for our retirees,” Odunaiya said.
She noted that the approvals followed her formal request to the Presidency for emergency funding to facilitate critical pension reforms, including enrollment in the National Health Insurance Scheme (NHIS) and the settlement of long-standing unfunded pension liabilities.
The News Agency of Nigeria (NAN) reports that these reforms address longstanding grievances of DBS pensioners, many of whom have faced delays and inconsistencies in pension payments.
The inclusion of health insurance and pension harmonization is expected to provide comprehensive support, ensuring retirees can access both financial stability and healthcare services.
As Nigeria grapples with economic challenges, these measures signal a proactive step toward fulfilling the ‘Renewed Hope Agenda’ promise of inclusive governance.
PTAD has assured pensioners that implementation will commence swiftly, with further details on the rollout to be communicated in due course.
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