Lagos pays N1bn pension to 648 retirees

The Lagos State Government has said it disbursed N1.08bn in accrued pension rights to 648 retirees across the state public service, reaffirming its commitment to the welfare and financial security of retired civil servants.

Speaking at the 115th Retirement Benefit Bond Certificate Presentation on Friday, the Head of Service, Bode Agoro, said Governor Babajide Sanwo-Olu approved the release of N1,081,535,589.42 to retirees.

At the event held in Alausa, Ikeja, Agoro noted that the retirees were drawn from the Mainstream Civil Service, Local Government and Local Council Development Areas, the Lagos State Universal Basic Education Board, the Teaching Service Commission, and other state government parastatals.

He said, “I want to commend Mr Governor for consistently prioritising the welfare of retirees, noting that the regular funding of pension obligations underscored the state’s determination to honour its commitments.

“I also want to thank the Director-General of the Lagos State Pension Commission, Mr Babalola Obilana, and the commission’s staff for their dedication to ensuring the timely processing of retirement benefits.

“Their regular sensitisation programmes and retirement documentation seminars have continued to improve pension administration and better prepare officers for life after retirement.”

Also speaking at the event, LASPEC DG, Obilana described the presentation of retirement bond certificates as more than a routine exercise, saying it was a celebration of the dedication, sacrifice and invaluable contributions of retirees to the growth and transformation of the state.

Obilana added, “The Contributory Pension Scheme had continued to guarantee the financial security of retired public servants, and Lagos has remained a leading example of efficient, transparent and well-managed pension administration in Nigeria despite prevailing economic challenges.

“The 648 retirees receiving bond certificates were entitled to N1,081,535,589.42, representing their accrued pension rights for services rendered before the introduction of the Contributory Pension Scheme in 2007.”

During the ministerial press briefing held in May, the Lagos State Government disclosed that it had paid a total of N88.4bn in pension bonds to 25,656 retirees since May 2019, and Sanwo-Olu had also approved fresh pension increments and a N50,000 palliative for public servants.