Jubilation as Tinubu’s Govt Commences Payment of 20% Pension Increment

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.

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 Monday, January 13.

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.”

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“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.

However, the union raised an alarm that not all pensioners have received their entitlements.

“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.

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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.

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.

Source: Legit.ng