The federal government has announced the commencement of a N32,000 pension increment for retirees under the defined benefit scheme (DBS), starting with the September pension payroll cycle.

In a statement on Tuesday, the pension transitional arrangement directorate (PTAD) said the package includes additional percentage increases of 10.66 percent and 12.95 percent under its management.

The development follows the August 8 publication by PTAD of the new pension increment rates for pensioners.

“This achievement has been made possible through the partial release of #20.188 billion, by the Federal Ministry of Finance, from the initial #45 billion emergency funding approval granted by the Federal Government,” PTAD said.

“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.

“PTAD expresses profound appreciation to the President, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, for approving the emergency funding allocation to implement the pension increments as well as other landmark reforms that is certain to enhance the welfare of the beneficiaries and redefine the future of the Defined Benefit Scheme (DBS) pension administration.

“We also acknowledge the unflinching support of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite;

“The Chief of Staff to the President, Hon. Femi Gbajabiamila; the Special Adviser to the President on Revenue, Dr. Zacch A. Adedeji; the Accountant-General of the Federation, Mr. Shamseldeen B. Ogunjimi, the Senate Committee on Establishment & Public Service, the House Committee on Pensions, and other Stakeholders too numerous to mention.

“Their commitment, timely interventions, tireless disposition, partnership and coordinated efforts have been instrumental in ensuring that this day, when the DBS Pensioners will begin to enjoy this enhanced pension payment, is realised.

“We sincerely appreciate the national leadership of the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), for their cooperation, understanding, constructive discussion, collaboration and perseverance while the Executive Secretary and Management of PTAD worked diligently to secure the release of funds.”

PTAD assures DBS pensioners and stakeholders of continued collaboration with relevant authorities to fulfil pension obligations.

The directorate said it will work towards releasing outstanding approved funds and meeting future obligations related to pension increments and landmark reforms.