The Federal Government has commenced the implementation of a ₦32,000 pension increment for retirees under the Defined Benefit Scheme (DBS), effective from the September payroll cycle. The Pension Transitional Arrangement Directorate (PTAD), in a statement on Tuesday, confirmed that the adjustment includes additional percentage increases of 10.66 percent and 12.95 percent.

According to PTAD, the development follows the partial release of ₦20.188 billion by the Federal Ministry of Finance, out of the ₦45 billion emergency funding earlier approved by the Federal Government. The agency described the milestone as a reaffirmation of President Bola Ahmed Tinubu’s commitment to safeguarding the welfare of pensioners in line with his Renewed Hope Agenda.

PTAD expressed appreciation to President Tinubu, the Ministry of Finance, the National Assembly, and key stakeholders, including pension associations, for their support in making the increment a reality. The directorate assured pensioners of sustained collaboration with relevant authorities to ensure future increments, timely release of approved funds, and continued reforms aimed at strengthening the DBS pension administration.

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