President Bola Ahmed Tinubu has approved sweeping reforms to enhance the welfare of retirees under the Defined Benefit Scheme (DBS), aligning with his Renewed Hope Agenda.

Olugbenga Ajayi, Head of Corporate Communications at the Pension Transitional Arrangement Directorate (PTAD), said the President authorised:

• Immediate implementation of extra budgetary allocation for new DBS pension rates.
• Adoption of a pension harmonisation policy in the 2026 pension budget.
• Health insurance coverage for all DBS pensioners from 2026.
• Inclusion of unpaid liabilities owed to NITEL/MTEL pensioners and other parastatal retirees in the 2026 budget.

PTAD Executive Secretary Tolulope Odunaiya described the decision as “far-reaching and historic,” saying it marks a new era in pension management and reflects Tinubu’s commitment to senior citizens’ welfare.

The approval follows PTAD’s earlier request for emergency funding to implement key reforms, including a new pension rate of ₦32,000, percentage increases for pensioners of defunct and privatised agencies, harmonisation across all DBS pensioners, and settlement of unfunded liabilities.