President Bola Tinubu has signed off sweeping reforms to improve the lives of pensioners under Nigeria’s Defined Benefit Scheme (DBS) — including a new ₦32,000 monthly rate and free health insurance.
The approval also greenlights a pension harmonisation policy to kick in with the 2026 budget, plus the clearing of arrears owed to NITEL/MTEL retirees and other defunct parastatals.
“This is a new dawn for pensioners,” said PTAD Executive Secretary Tolulope Odunaiya, who pushed for the reforms. “The President has prioritised senior citizens’ welfare.”
Earlier this year, PTAD disbursed ₦8.6 billion in arrears to nearly 150,000 pensioners. The new package includes incremental increases of up to 12.95% for retirees from privatised agencies and enrolment into the National Health Insurance Scheme.
The President’s office says the move is part of his “Renewed Hope” agenda, marking a “transformative moment” in pension administration.
