Tinubu approves comprehensive pension reforms for DBS retirees, boosts welfare package

President Bola Ahmed Tinubu, has approved a series of far-reaching measures aimed at enhancing the welfare of Defined Benefit Scheme (DBS) Pensioners, in line with the Renewed Hope Agenda.

This was disclosed in a statement signed by the Head, Corporate Communications Unit, Pension Transitional Arrangement Directorate (PTAD), Olugbenga Ajayi, today.

Recall that the Executive Secretary of PTAD, Tolulope Odunaiya had earlier made a formal submission to the Presidency, requesting his consideration for an emergency budgetary allocation to implement key pension reforms and welfare benefits, including:

“Implementation of New Pension Rates: N32,000 pension increment; 10.66% and 12.95% pension increment for Pensioners of Defunct and Privatized Agencies.

“Pension Harmonization 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, Tinubu has approved the following for immediate implementation:

“Additional budgetary allocation for the full implementation of the new pension rates.

” Adoption of the proposed Pension Harmonization policy for DBS Pensioners in the 2026 Pension Budget.

“Provision of Health Insurance coverage for all DBS Pensioners under the 2026 Pension Budget.

” 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, PTAD, Tolulope Odunaiya expressed 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.

“These approvals are a testament to the 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.

PTAD reassures all DBS Pensioners of its continued dedication and unwavering commitment to their welfare.