Lagos State Govt pays 644 retirees N2 billion pension

The Lagos State Government has disbursed a total of N2.017 billion in retirement benefits to 644 retirees.

Based on a report by the National News Agency of Nigeria, on Wednesday during a 101st batch Retirement Bond Certificate presentation for retirees in Lagos State, Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), made the announcement.

According to him, the payment made on Wednesday represented the retirement benefits accrued to these retirees for their past service prior to the inception of the Contributory Pension Scheme in 2007.

Obilana emphasized the significance of the occasion, which aimed to honour and recognize the exceptional retirees who had dedicated their time, energy, and talents to serving Lagos State.

“It is indeed an honour to recognize and commend the retirees’ hard work and commitment demonstrated throughout their years of service to Lagos State. This retirement bond certificate presentation is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made.”

The Permanent Secretary of the Lagos State Ministry of Establishments, Training, and Pensions, Olawale Musa, lauded Governor Babajide Sanwo-Olu for prioritizing the welfare of the public service workforce, even in retirement.

Musa encouraged retirees to exercise prudence in managing their funds and to make careful choices when considering investment opportunities.

He also reassured the retirees that they could reach out to LASPEC or the ministry for pension-related information or further clarifications.

“I applaud our retirees for their exceptional contributions and unwavering dedication to the development of Lagos State and pray that their retirement be filled with joy, fulfilment, and new experiences,” Musa remarked.

What you should know

In April, it was previously reported by Nairametrics that the Lagos State Government had disclosed disbursements totalling over N50.7 billion to 13,928 retirees from 2019 up to the present.

Governor Babajide Sanwo-Olu of Lagos State took action in September 2020 to authorize a 33% increment in benefits for all state pensioners enrolled in the Defined Benefits Scheme (Pay as You Go), which was retroactively applied from January 1, 2020.

Furthermore, he granted approval for the disbursement of the remaining 25% of rent allowance to officers at Grade Level 07 and above who retired between May 2000 and August 2004.

The implementation of both the increment and the payment of outstanding allowances was affirmed to commence in September 2020.

This decision aimed to align with the broader harmonization process aimed at benefiting pensioners in the state.