Jubilation as Tinubu’s Govt Commences Payment of 20% Pension Increment
- President Bola Ahmed Tinubu-led federal government has brought joy and laughter into the lives of pensioners in Nigeria
- Tinubu's administration paid a 20 percent pension increase for retirees under the Defined Benefit Scheme (DBS)
- The Nigeria Union of Pensioners (NUP) commended Tinubu for "ensuring pensioners in the country are supported and their rights protected and promoted”
Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events
FCT, Abuja - President Bola Ahmed Tinubu has been commended for paying a 20 percent pension increase for retirees under the Defined Benefit Scheme (DBS).
The Nigeria Union of Pensioners (NUP) also hailed Tinubu for introducing a minimum pension of ₦32,000 for retirees.
Source: Facebook
As reported by The Nation, the 20 percent pension increase, backdated to January 2024, has been paid to many DBS pensioners.
It was also reported that several people have benefitted from the minimum pension of ₦32,000, approved in July 2024.
The NUP National President, Comrade Godwin Abumisi, made this known in a statement issued on Sunday, January 12.
Abumisi said this is a confirmation of Tinubu’s “love and commitment to ensuring pensioners in the country are supported and their rights protected and promoted.”
“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 union appreciated Tinubu for implementing significant measures to alleviate retirees' economic challenges.
Abumisi also commended the Pension Transitional Arrangement Directorate (PTAD) and its new Executive Secretary, Tolulope Odunaiya, for ensuring the timely disbursement of the pension increments.
However, the union raised an alarm that not all pensioners have received their entitlements.
The NUP leader called on PTAD to review its records and promptly address any errors.
He said it is importance that PTAD ensures that all pensioners receive the benefits owed to them.
“As of today, the 20% pension increment arrears have not been fully paid to all DBS pensioners. Furthermore, 70% of pensioners are yet to receive the ₦32,000 minimum pension,”
Legit.ng recalls that Nigerians who lost their jobs and could not get another were forced to request 25% of their pension savings to survive.
The Pension Reforms Act (PRA) allows pension fund contributors who can not secure a job within a specific period, to access pension savings.
Following the 25% withdrawal, the balance is paid to them as a pension every month if they cannot still get a job.
FG commences pension payments to retired military personnel
Meanwhile, Legit.ng reported that the Federal Government commenced payment of pensions and arrears owed to retired military personnel.
Read also
FG reacts as Emir Sanusi says he doesn't want to help Tinubu’s govt, "deeply disappointing"
The Minister of State for Defence, Bello Matawalle, confirmed that many retirees have already received alerts for the payments.
This initiative is believed to show government’s commitment to improving the welfare of both serving and retired military personnel.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
