Federal Government Approves N32,000 Pension Increase for Defined Benefits Scheme Retirees Effective September

Federal Government has announced an upward review of pensions for retirees under the Defined Benefit Scheme (DBS), raising monthly benefits by N32,000 starting in September. Federal Government said the increment is aimed at cushioning the impact of inflation and ensuring senior citizens who dedicated years of service to the nation live with dignity. Federal Government confirmed that the N32,000 increase will apply to all retirees under the Defined Benefit Scheme, which covers those who left public service before the Contributory Pension Scheme was introduced. Federal Government explained that the increment represents one of the most significant adjustments in recent years.

FG added that the review was necessary given prevailing economic realities. Rising inflation and living costs, the government noted, make it imperative to improve the financial welfare of retired workers.

FG announced that the new payment structure will take effect from September payrolls, providing immediate relief to pensioners who have long called for an increase.

Federal Government Reaffirms Commitment to Retirees’ Welfare

Federal Government stressed that the pension increment underscores its dedication to the welfare of those who served in various arms of the public service. FG said pensioners remain an integral part of national development and must be supported to live decently after retirement.

FG explained that the N32,000 increment was carefully calibrated to balance retirees’ needs with fiscal realities. While acknowledging the pressure on public finances, authorities said the welfare of retirees cannot be neglected.

FG expressed optimism that the increase will reduce the economic burden on pensioners, particularly in areas such as food, healthcare, and other essential household expenses.

Federal Government Welcomes Pensioners’ Response and Calls for Patience

FG noted that pensioners and associations across the country have welcomed the increment, describing it as timely given current economic conditions. Federal Government acknowledged their relief and pledged consistency in implementing the adjustment.

FG also recognized calls from retirees urging prompt and regular payment of pensions to maximize the impact of the new policy. Authorities admitted that delays undermine confidence in government’s welfare programs.

FG assured that mechanisms will be put in place to avoid arrears and to consider periodic reviews that reflect the changing economic landscape. FG decision to increase DBS pensions by N32,000 from September has been received positively as a step toward enhancing the welfare of retirees. FG emphasized that while the increment brings immediate relief, long-term pension reforms and regular reviews remain essential for sustainable support.