President Bola Tinubu has approved a series of transformative measures to enhance the welfare of Defined Benefit Scheme (DBS) pensioners, aligning with his administration’s Renewed Hope Agenda.
The announcement, made by the Pension Transitional Arrangement Directorate (PTAD), follows a formal request by PTAD’s executive secretary, Tolulope Odunaiya, for an emergency budgetary allocation to address critical pension reforms.
The approved measures include a N32,000 pension increment, a 10.66 per cent and 12.95 per cent pension increase for pensioners of defunct and privatised agencies, the adoption of a pension harmonisation policy, and the enrollment of DBS pensioners into the National Health Insurance Scheme (NHIS).
The President has also authorised the inclusion of accrued unfunded pension liabilities, including arrears owed to pensioners of NITEL/MTEL and other treasury-funded parastatals, in the 2026 budget proposal.
Odunaiya, on Friday, lauded the approvals as a historic milestone, stating, “These approvals reflect President Tinubu’s steadfast commitment to the welfare of Nigeria’s senior citizens and mark a turning point in DBS pension administration.” She emphasised that the measures underscore the administration’s focus on equity, social justice, and dignity for pensioners.
The reforms will be implemented in phases, in collaboration with relevant government agencies. PTAD reaffirmed its dedication to ensuring the welfare of DBS pensioners, promising continued efforts to deliver on these commitments.
Recall that the President Tinubu had earlier in the week charged pension industry operators and regulator to expedite rollout of the free healthcare access initiative for low-income retirees under the Contributory Pension Scheme (CPS).
This, he’d described, as a critical component of social protection and dignity in retirement.
He called for the prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.
The president who had given the directives after receiving a briefing from the director general of the National Pension Commission (PenCom), Omolola Oloworaran, had further mandated the PenCom DG to urgently resolve the longstanding police pension issue, emphasising that, members of the police force who serve and protect the nation deserve to retire with dignity and peace of mind.
The DG had briefed the President on ongoing efforts to ensure the value preservation of pension fund assets, especially, in the face of inflation and macroeconomic pressures, as well as plans to introduce foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system
President Tinubu strongly supports the reforms, reaffirming his administration’s commitment to inclusive growth and protection for ordinary Nigerians.
During the briefing, the DG updated the President on a suite of transformative pension initiatives to enhance retiree welfare and expand the Pension Scheme’s reach.
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