President Bola Tinubu has approved significant measures to improve the welfare of pensioners under the Defined Benefit Scheme (DBS), marking a major milestone in Nigeria’s pension reform efforts.
The reforms include a new pension rate of N32,000, incremental increases of 10.66% and 12.95% for pensioners from defunct and privatized agencies, harmonization of pension rates across all DBS pensioners, and enrollment into the National Health Insurance Scheme (NHIS).
Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.
The President’s directive also includes unpaid liabilities owed to NITEL/MTEL pensioners and other retirees from defunct parastatals in the 2026 budget proposal.
PTAD Executive Secretary, Tolulope Odunaiya, praised the President’s commitment to senior citizens’ welfare, describing the move as a “transformative moment for pension administration in Nigeria”.
The reforms are part of the President’s Renewed Hope Agenda, aimed at improving the lives of Nigerians. PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.
In June, PTAD disbursed N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors, reflecting the implementation of the N32,000 pension increment approved by President Tinubu in 2024.
