President Bola Tinubu has approved a series of sweeping measures aimed at improving the welfare of pensioners under the Defined Benefit Scheme (DBS), signalling a major shift in pension management under the ‘Renewed Hope Agenda’.
According to the Pension Transitional Arrangement Directorate (PTAD), the President authorised the immediate use of extra budgetary allocation to fully implement new pension rates for DBS retirees. He also approved the inclusion of a pension harmonisation policy in the 2026 budget to ensure fairer and more uniform benefits across the board.
The 2026 proposal will also make provision for health insurance coverage for all DBS pensioners, alongside the settlement of outstanding liabilities owed to NITEL/MTEL retirees and other parastatal pensioners.
PTAD Executive Secretary, Tolulope Odunaiya, described the move as historic, praising the President’s commitment to safeguarding the welfare of senior citizens. She noted that the reforms will cover a new pension rate of N32,000, increases of 10.66 per cent and 12.95 per cent for retirees of defunct and privatised agencies, and the settlement of unfunded liabilities.
Odunaiya added that the initiative marks a new era in pension administration, combining enhanced financial benefits with healthcare access for the nation’s senior citizens.
