The Federal Government has approved a N32,000 increase for pensioners under the Defined Benefit Scheme (DBS), starting with the September payroll.
The Pension Transitional Arrangement Directorate (PTAD) confirmed the adjustment in a statement on Tuesday, noting it comes with additional percentage increments of 10.66% and 12.95% under its management.
According to PTAD, the move was enabled by a partial release of N20.188 billion from the Federal Ministry of Finance. The allocation is part of the N45 billion emergency funding earlier approved by the government to address pension obligations.
“This achievement has been made possible through the partial release of #20.188 billion, by the Federal Ministry of Finance, from the initial #45 billion emergency funding approval granted by the Federal Government,” PTAD said. “This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”
PTAD credited President Bola Tinubu for prioritizing pension reforms under his Renewed Hope Agenda. “PTAD expresses profound appreciation to the President, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, for approving the emergency funding allocation to implement the pension increments as well as other landmark reforms that is certain to enhance the welfare of the beneficiaries and redefine the future of the Defined Benefit Scheme (DBS) pension administration,” the agency stated.
The Directorate also acknowledged the role of several key officials in achieving the pension adjustment. Among those named were Finance Minister Wale Edun, Minister of State for Finance Doris Uzoka-Anite, Presidential Chief of Staff Femi Gbajabiamila, and Special Adviser on Revenue Zacch Adedeji, alongside the Accountant-General of the Federation and lawmakers.
“Their commitment, timely interventions, tireless disposition, partnership and coordinated efforts have been instrumental in ensuring that this day, when the DBS Pensioners will begin to enjoy this enhanced pension payment, is realised,” PTAD added.
The Directorate commended the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) for their cooperation and constructive dialogue. PTAD assured stakeholders that it will continue to pursue the release of outstanding approved funds while working on further reforms to sustain pension increments.
“We sincerely appreciate the national leadership of the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), for their cooperation, understanding, constructive discussion, collaboration and perseverance while the Executive Secretary and Management of PTAD worked diligently to secure the release of funds,” it said.