Lagos State Governor, Babajide Sanwo-Olu, has announced the successful clearance of pension backlogs, disbursing a total of N141 billion to 35,191 retirees under the Contributory Pension Scheme. The administration also released N4.5 billion for the latest batch of 2,000 retirees from the Lagos State Public Service.
Governor Sanwo-Olu made this announcement at the 105th Batch Retirement Bond Certificate Presentation Ceremony, organized by the Lagos State Pension Commission (LASPEC) in Ikeja. He emphasized his administration’s unwavering commitment to the welfare of retirees, urging them to utilize their benefits wisely and collaborate with service providers for optimal investment of their funds.
“This is another landmark event in the history of Lagos State,” Sanwo-Olu stated. “Lagos will always be the pacesetter for others in the country. We have prioritized clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability after retirement.”
The governor highlighted that, under his administration, N59.7 billion has been paid to 17,039 retirees, positioning Lagos State as a top performer in pension payments. He also announced the transition to a “Pay-As-You-Go” pension administration, ensuring retirees are paid immediately upon retirement, provided all procedures are completed.
In addition to financial entitlements, the state government has launched a Health Insurance Scheme for retirees, offering access to a wide range of medical services. This initiative underscores the government’s commitment to the well-being of its retirees, ensuring they receive comprehensive support beyond statutory benefits.
Commissioner for Establishment and Training, Afolabi Ayantayo, and State Head of Service, Mr. Bode Agoro, commended the governor’s dedication to retirees’ welfare. Agoro described the occasion as a milestone made possible by the administration’s unwavering support, announcing the transition to a pay-as-you-go system for future retirement bond payments.
Director-General of LASPEC, Mr. Babalola Obilana, praised the retirees for their dedication and hard work, emphasizing the administration’s commitment to addressing retirees’ challenges and ensuring a comfortable and dignified retirement.
Retirees are encouraged to stay connected with the Post Service Directorate for webinars on maintaining healthy living and entrepreneurial workshops. They are also urged to submit retirement notices promptly to facilitate early processing.
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