Tinubu Approves Additional Budgetary Allocation For New Pension Rates

President Bola Tinubu

President Bola Tinubu has approved sweeping reforms aimed at improving the welfare of pensioners under the Defined Benefit Scheme (DBS), including pension increments, harmonisation, and health insurance coverage.

The Pension Transitional Arrangement Directorate (PTAD) announced on Friday that the approvals followed a formal request by its Executive Secretary, Tolulope Odunaiya, for emergency budgetary provisions to implement key welfare measures.

Under the new reforms, pensioners will benefit from a ₦32,000 increment, alongside 10.66 per cent and 12.95 per cent increases for retirees from defunct and privatised agencies.

The president also endorsed pension harmonisation for all DBS pensioners, the inclusion of retirees in the National Health Insurance Scheme (NHIS), and the settlement of outstanding unfunded pension liabilities owed to pensioners of defunct agencies and treasury-funded parastatals.

For the 2026 pension budget, Tinubu approved additional budgetary allocation for the new pension rates, full adoption of the harmonisation policy for DBS pensioners and provision of NHIS coverage for all DBS retirees.

He also approved payment of outstanding liabilities, including those owed to former NITEL/MTEL staff and other parastatal pensioners.

Odunaiya described the development as a “turning point” in DBS pension administration, saying it demonstrates the president’s commitment to equity, social justice, and the dignity of senior citizens.

“These approvals are a testament to the Renewed Hope Agenda’s focus on our senior citizens. They mark the beginning of a new era of far-reaching welfare benefits for DBS pensioners,” she said.

PTAD said the reforms would be implemented in phases in collaboration with relevant government agencies, and reassured retirees of its continued dedication to their welfare.

ENDS

Source: TheWhistler | Continue to Full Story…