The Federal Government has started the implementation of the 20 per cent increment in pensioners monthly take-home under the Defined Benefit Scheme (DBS), according to retirees’ welfare group, Nigeria Union of Pensioners (NUP).
The union hailed President Bola Tinubu for the increment and the introduction of a minimum pension of ₦32,000 for retirees.
The 20 per cent pension increase, backdated to January 2024, has been paid to many DBS pensioners, while the minimum pension of ₦32,000, approved in July 2024, has also reached several beneficiaries.
According to the NUP, these initiatives reflect President Tinubu’s “love and commitment to ensuring pensioners in the country are supported and their rights protected and promoted.”
In a statement signed by its National President, Comrade Godwin Abumisi, the union praised the President for implementing significant measures to alleviate the economic challenges faced by retirees under the DBS.
The NUP also expressed gratitude to the Pension Transitional Arrangement Directorate (PTAD) and its new Executive Secretary, Tolulope Odunaiya, for ensuring the timely disbursement of the pension increments.
“This is the first of its kind that pensioners will receive any form of pension increase without protests in different forms. We hail you, Mr. President. We appreciate her promise to ensure that the 20% pension increase is paid before the end of December 2024 and her strict implementation of President Tinubu’s policy direction on pensioners’ welfare,” the statement read.
However, the union raised concerns over discrepancies in the payment process.
It said that despite progress, not all pensioners have received their entitlements.
“As of today, the 20per cent pension increment arrears have not been fully paid to all DBS pensioners. Furthermore, 70per cent of pensioners are yet to receive the ₦32,000 minimum pension,” the NUP said.
The NUP called on PTAD to address these discrepancies promptly, urging the agency to review its records and rectify any errors in the payment process.
“We demand that PTAD pay serious attention to ensuring no DBS pensioner is omitted or deprived of their rights in the name of system failure or man-made error in the payment processes,” it said.
The union said that it was optimistic about the Tinubu’s administration’s commitment to pensioners.
The NUP emphasised the significance of these reforms in improving the quality of life for retirees, particularly during challenging economic times.
“We are grateful for the 20per cent pension increase and the ₦32,000 pension award that is today a minimum pension.
“The approval of these measures is a testament to the government’s understanding of the economic realities facing pensioners and its determination to provide relief,” the union noted.
As the administration continues its efforts to support pensioners, the NUP urged all stakeholders to work collaboratively to address the remaining issues.
They expressed hope that ongoing reforms would ensure a brighter future for all retirees in Nigeria.
