The Federal Government has implemented a pension increase of N32,000 for retirees under Defined Benefit Scheme (DBS), effective from September payroll cycle.
Gatekeepers News reports that in a statement on Tuesday, the Pension Transitional Arrangement Directorate (PTAD) noted that the adjustment also carries additional percentage increments of 10.66 percent and 12.95 percent across beneficiaries under its supervision.
This development comes after PTAD released new pension increment rates on August 8. According to the directorate, this achievement has been made possible through partial release of ₦20.188 billion by Federal Ministry of Finance, from the initial ₦45 billion emergency funding approval granted by the Federal Government.
PTAD said the implementation highlights the government’s commitment to protecting the welfare of DBS pensioners in line with the Renewed Hope Agenda.
It expressed gratitude to President Bola Ahmed Tinubu for approving the emergency allocation, noting that it will enhance beneficiaries’ welfare and strengthen future DBS pension administration.
The body also acknowledged the Minister of Finance, Wale Edun; Minister of State for Finance, Doris Uzoka-Anite; Chief of Staff to the President, Femi Gbajabiamila; Presidential Adviser on Revenue, Zacch A. Adedeji; Accountant-General of the Federation, Shamseldeen B. Ogunjimi; and the National Assembly’s committees on Establishment and Pensions, among others, for their coordinated roles in making the increment possible.
PTAD further appreciated the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) for their cooperation and patience during the funding process.
The directorate assured DBS retirees and stakeholders that it will continue collaborating with relevant authorities to release outstanding approved funds and sustain future pension increments and reforms.
