The Pension Transitional Arrangement Directorate (PTAD) has announced that President Bola Ahmed Tinubu, approved a series of far-reaching measures aimed at enhancing welfare of Defined Benefit Scheme (DBS) Pensioners, in line with the Renewed Hope Agenda.
Recall that the PTAD Executive Secretary, Tolulope Odunaiya had earlier made a formal submission to the Presidency, requesting His Excellency’s consideration for an emergency budgetary allocation to implement key pension reforms and welfare benefits.
Which includes: Implementation of New Pension Rates: N32,000 pension increment. 10.66% and 12.95% pension increment for Pensioners of Defunct and Privatized Agencies. Harmonization of Pension for all DBS Pensioners.
Enrolment of DBS Pensioners into the National Health Insurance Scheme (NHIS). Settlement of accrued Unfunded Pension Liabilities owed to Pensioners of the Defunct Agencies and Treasury -Funded Parastatals.
Following this request, President Tinubu, has magnanimously approved following for immediate implementation: 1. Additional budgetary allocation for the full implementation of the new pension rates.
2. Adoption of the proposed Pension Harmonization policy for DBS Pensioners in the 2026 Pension Budget. 3. Provision of Health Insurance coverage for all DBS Pensioners under the 2026 Pension Budget.
4. Inclusion of the balance of inherited unfunded pension liabilities owed to pensioners of NITEL/MTEL and accrued pension arrears of other parastatal pensioners in the 2026 Budget Proposal.
The Executive Secretary, Odunaiya expressed profound appreciation to His Excellency for these historic approvals, noting that it reflects the President’s steadfast commitment to the welfare of Nigeria’s Senior citizens, also citing it as a turning point in DBS Pension Administration.
According to the statement released by the Directorate, the ES said, “These approvals are a testament to Renewed Hope Agenda’s focus on equity, social justice, and the dignity of our Pensioners.
“Additionally, it cements the position of Mr. President, as the leader who ushered a new era of far-reaching and impactful welfare benefits for Pensioners under the Defined Benefit Pension Scheme (DBS)” she stated.
These reforms will be implemented in phases in collaboration with relevant Government Agencies while PTAD reassured all DBS Pensioners of its continued dedication and unwavering commitment to their welfare.
