President Bola Tinubu has approved reforms to enhance the welfare of pensioners under the Defined Benefit Scheme (DBS), marking a major milestone in Nigeria’s pension reform efforts.
These reforms aligned with the President’s Renewed Hope Agenda and demonstrate a strong commitment to improving senior citizens’ welfare.
A statement issued by Head of Corporate Communications at the Pension Transitional Arrangement Directorate (PTAD), Olugbenga Ajayi, said the development marked a significant milestone in Nigeria’s pension reform efforts.
Ajayi said that PTAD had previously settled arrears related to the first pension increment of 20 per cent which came into effect in January 2024.
The President also endorsed the adoption of a proposed pension harmonisation policy, which would be incorporated into the 2026 pension budget.
The health insurance coverage for all DBS pensioners has also been approved by the president.
The approval would ensure 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 reforms would be implemented in phases, in collaboration with relevant government agencies, to ensure smooth execution.
Reacting to the approval, PTAD Executive Secretary, Tolulope Odunaiya, praised the President for the far-reaching and historic approvals, describing it as a “turning point” in DBS pension administration.
She emphasised that the reforms demonstrate the President’s commitment to equity, social justice, and the dignity of senior citizens.
She reassured pensioners of PTAD’s continued dedication to improving their welfare.
