•Greenlights pension harmonisation, insurance for retirees in 2026 budget

By Victor Ahiuma-Young

In a move widely hailed as a turning point in Nigeria’s pension administration, President Bola Ahmed Tinubu has approved a series of sweeping reforms aimed at improving the welfare of pensioners under the Defined Benefit Scheme, DBS.

The Pension Transitional Arrangement Directorate, PTAD, in a statement signed by its Head of Corporate Communications, Mr. Olugbenga Ajayi, announced that the President had approved an emergency intervention package to address long-standing grievances and financial challenges faced by retirees.

Among the major approvals is the implementation of a N32,000 pension increase for DBS retirees, a 10.66 percent and 12.95 percent increase for pensioners of defunct and privatized agencies, and the much-anticipated harmonization of pensions across all categories of DBS beneficiaries.

Additionally, President Tinubu approved the enrolment of DBS retirees into the National Health Insurance Scheme, NHIS, and ordered the settlement of accrued unfunded pension liabilities owed to pensioners of defunct government agencies and treasury-funded parastatals. These reforms are to be reflected in the 2026 Pension Budget and implemented in phases.

Reacting to the development, the Executive Secretary of PTAD, Dr. Tolulope Odunaiya, expressed deep appreciation to President Tinubu for his “historic and compassionate decision,” describing it as a “turning point in Nigeria’s pension history.”These approvals are a testament to the Renewed Hope Agenda’s focus on equity, social justice, and the dignity of our senior citizens.

“They reflect the President’s unwavering commitment to the well-being of our pensioners, many of whom have endured years of uncertainty and neglect,”Odunaiya said.

The Executive Secretary of PTAD who made the formal submission to the presidency seeking these interventions, noted that pensioners of defunct agencies such as NITEL/MTEL, among others, will now benefit from the inclusion of their arrears in the upcoming budget proposal.

According to her, the implementation of the new rates, health insurance coverage, and backlog payments will be done in collaboration with relevant government agencies to ensure transparency and speed.

“Mr. President has shown bold leadership and empathy by addressing these long-standing issues. This action will not only bring relief but also restore the dignity of our retirees,” she noted.

The reforms have been met with praise from pensioners and labour groups, who described the measures as unprecedented in scope and compassion.

Expressing gratitude, a retired railway worker, Mr. Emmanuel Okonkwo, said; “We never thought this day would come. For the first time in years, I feel seen and respected by the government. This is not just a financial relief; it is emotional healing.”

PTAD assured all DBS retirees of its “continued dedication and unwavering commitment” to their welfare and pledged to communicate detailed implementation timelines in the coming weeks.

With these reforms, President Tinubu appears set to fulfill a key promise under his Renewed Hope Agenda, offering a ray of hope to thousands of Nigerian pensioners who have waited years for fairness and financial security.