President Bola Tinubu has approved a set of measures to boost the welfare of pensioners under the Defined Benefit Scheme.

In a statement, the Head of Corporate Communications at the Pension Transitional Arrangement Directorate, Olugbenga Ajayi, described the move as a significant milestone in Nigeria’s pension reform journey.

Ajayi noted that PTAD had earlier cleared arrears from the first pension increase, which raised rates from 20% to 28% effective January 2024.

The new approvals, in line with the President’s Renewed Hope Agenda, include the immediate release of an extra budgetary allocation to implement updated pension rates for DBS beneficiaries.

Tinubu also endorsed a proposed pension harmonisation policy to be factored into the 2026 pension budget and approved health insurance coverage for all DBS pensioners, guaranteeing access to essential healthcare services.

“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD Executive Secretary, Tolulope Odunaiya.

The President’s directive also covers the settlement of outstanding liabilities owed to NITEL/MTEL pensioners and other retirees from defunct parastatals, to be included in the 2026 budget proposal.

These approvals stem from a formal request by Odunaiya, who urged the Presidency to authorise emergency budgetary allocations for key pension reforms.

The proposed measures include introducing a new pension rate of ₦32,000, alongside incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies.

The reform package also provides for the harmonisation of pension rates across all DBS pensioners and their enrollment in the National Health Insurance Scheme.

“We are grateful for the President’s leadership in prioritising the welfare of our retirees,” Odunaiya added. “This is a transformative moment for pension administration in Nigeria.”

Ajayi stated that the disbursements were carried out across multiple pension departments.