President Tinubu has approved a N32,000 pension increase and health insurance for retirees under the DBS Scheme.
Reports indicate that President Bola Ahmed Tinubu has authorised significant reforms to enhance the wellbeing of Nigerian pensioners under the Defined Benefit Scheme (DBS). These reforms include a monthly pension increase of ₦32,000, standardisation of pension rates, and their inclusion in the National Health Insurance Scheme (NHIS).
The Pension Transitional Arrangement Directorate (PTAD) made this announcement on Friday. They stated that these reforms followed a formal request from their Executive Secretary, Tolulope Odunaiya, for urgent budgetary support to assist pensioners across various sectors.
The recent pension reforms include several significant improvements for retirees:
Increased Payments for DBS Pensioners: A flat-rate increase of N32,000 will be applied to all pensions paid to those who worked for the DBS (Details of what DBS stands for would need to be included here).
Enhanced Payments for Retirees from Defunct and Privatised Agencies: Pensioners from organisations that have since been dissolved or privatised will receive an additional increase. This will be calculated as a percentage increase, with some receiving 10.66% and others 12.95%, depending on the circumstances.
Pension Harmonisation: The reforms aim to standardise pension payments across all DBS pensioners, ensuring fairness and equity.
National Health Insurance Scheme (NHIS) Coverage: All retirees will now be enrolled in the NHIS, guaranteeing access to healthcare.
Settlement of Outstanding Liabilities: The government will address outstanding pension liabilities, including payments owed to former employees of NITEL/MTEL and other organisations funded by the treasury.
Budgetary Allocation: To ensure the complete implementation of these reforms, additional funds have been allocated in the 2026 budget.
Phased Implementation
The Pension Transitional Arrangement Directorate (PTAD) will oversee the phased rollout of these improvements, working closely with relevant government departments and agencies.