Tinubu approves new welfare measures for DBS pensioners
President Bola Tinubu has sanctioned a series of initiatives aimed at enhancing the welfare of pensioners within the Defined Benefit Scheme.In a statement, Olugbenga Ajayi, who heads Corporate Communications at the Pension Transitional Arrangement Directorate, highlighted this decision as a key development in Nigeria’s pension reform progress.
Ajayi pointed out that PTAD had previously settled arrears related to the first pension increase, which raised pension rates from 20% to 28% starting January 2024.
The newly approved measures, aligned with the President’s Renewed Hope Agenda, involve the prompt release of additional budgetary funds to implement the revised pension rates for DBS beneficiaries.
Tinubu has also approved a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget, along with health insurance coverage for all DBS pensioners to ensure access to necessary healthcare services.
"This action demonstrates President Tinubu’s strong dedication to the wellbeing of senior citizens and signifies a new chapter in the management of DBS pensions," remarked PTAD Executive Secretary, Tolulope Odunaiya.
The President's directive also encompasses the resolution of unresolved liabilities owed to NITEL/MTEL pensioners and other retirees from dissolved parastatals, which will be included in the budget proposal for 2026.
These approvals were initiated following a formal request from Odunaiya, who encouraged the Presidency to authorize emergency budget allocations for essential pension reforms.
The proposed initiatives feature a new pension rate of ₦32,000, along with incremental raises of 10.66% and 12.95% for pensioners associated with defunct and privatised agencies.
The reform package additionally encompasses the standardisation of pension rates for all DBS pensioners and their registration in the National Health Insurance Scheme.
"We appreciate the President's leadership in making the welfare of our retirees a priority," Odunaiya stated. "This signifies a pivotal moment for pension administration in Nigeria."
Ajayi noted that the disbursements were executed across various pension departments.
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