President Bola Tinubu has authorized a collection of transformative measures to reinforce the welfare of Outlined Profit Scheme (DBS) pensioners, aligning together with his administration’s Renewed Hope Agenda.
The announcement, made by the Pension Transitional Association Directorate (PTAD), follows a proper request by PTAD’s govt secretary, Tolulope Odunaiya, for an emergency budgetary allocation to deal with vital pension reforms.
The authorized measures embrace a N32,000 pension increment, a ten.66 per cent and 12.95 per cent pension improve for pensioners of defunct and privatised businesses, the adoption of a pension harmonisation coverage, and the enrollment of DBS pensioners into the Nationwide Well being Insurance coverage Scheme (NHIS).
The President has additionally authorised the inclusion of accrued unfunded pension liabilities, together with arrears owed to pensioners of NITEL/MTEL and different treasury-funded parastatals, within the 2026 funds proposal.
Odunaiya, on Friday, lauded the approvals as a historic milestone, stating, “These approvals mirror President Tinubu’s steadfast dedication to the welfare of Nigeria’s senior residents and mark a turning level in DBS pension administration.” She emphasised that the measures underscore the administration’s give attention to fairness, social justice, and dignity for pensioners.
The reforms can be carried out in phases, in collaboration with related authorities businesses. PTAD reaffirmed its dedication to making sure the welfare of DBS pensioners, promising continued efforts to ship on these commitments.
Recall that the President Tinubu had earlier within the week charged pension business operators and regulator to expedite rollout of the free healthcare entry initiative for low-income retirees underneath the Contributory Pension Scheme (CPS).
This, he’d described, as a vital part of social safety and dignity in retirement.
He referred to as for the immediate implementation of long-overdue pension will increase and a minimal pension assure, which would offer a security internet for probably the most susceptible pensioners underneath the CPS.
The president who had given the directives after receiving a briefing from the director normal of the Nationwide Pension Fee (PenCom), Omolola Oloworaran, had additional mandated the PenCom DG to urgently resolve the longstanding police pension concern, emphasising that, members of the police drive who serve and shield the nation need to retire with dignity and peace of thoughts.
The DG had briefed the President on ongoing efforts to make sure the worth preservation of pension fund property, particularly, within the face of inflation and macroeconomic pressures, in addition to plans to introduce international forex contributions to allow Nigerians within the diaspora to take part within the pension system
President Tinubu strongly helps the reforms, reaffirming his administration’s dedication to inclusive progress and safety for bizarre Nigerians.
Through the briefing, the DG up to date the President on a set of transformative pension initiatives to reinforce retiree welfare and broaden the Pension Scheme’s attain.
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