FG Approves N32,000 Pension Increment for Retirees, Immediate Payment

The Federal Government of Nigeria has approved a pension increment of N32,000 for retirees, as announced by the Pension Transitional Arrangement Directorate (PTAD). This increment includes a fixed payment alongside a percentage increase for eligible pensioners.

The decision follows a series of measures approved by President Bola Tinubu to enhance the welfare benefits of pensioners, including pension harmonization and enrollment in the National Health Insurance Scheme. The PTAD management confirmed that the increased package aims to provide better support to retirees from the Defined Benefit Pension Scheme (DBS) and defunct privatized agencies.

The emergency budgetary allocation will enable pensioners to receive the enhanced payments immediately, addressing long-standing issues related to pension welfare and liabilities.