Lagos pays 1,013 retirees N3.149bn in 103rd bond presentation

The Lagos State government has disbursed another N3.149 billion to 1,013 retirees in its 103rd retirement Bond Certificate presentation. The state governor, Mr. Babajide Sanwo-Olu, made the presentation on Friday at a ceremony held at Agidingbi area of the state, emphasizing that it signifies the government’s ongoing commitment to the welfare of its workforce, both active and post-service.

Since the inception of the Contributory Pension Scheme (CPS), the government has disbursed N138 billion to 34,178 retirees. Additionally, N56.551 billion has been paid into the Retirement Savings Accounts (RSAs) of 16,026 retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other government Parastatals during the Sanwo-Olu administration.

Governor Sanwo-Olu reiterated his administration’s dedication to prompt pension payments and backlog clearance, expressing satisfaction with the substantial progress made. He assured that a “Pay As You Go” model will be implemented before the end of his tenure.

“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the CPS in Lagos State. While we acknowledge the backlog in the payment of Accrued Rights, our attention is focused on systematically eliminating this backlog. I am pleased to announce that we have made substantial progress in this regard, and I am confident that before the end of my tenure, our aspiration for a ‘Pay As You Go’ model will be realized.

“My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. I want to reaffirm that no matter your age, gender, sex, tribe, or special needs, as long as you are an employee of the Lagos State Public Service, whether in active service or retired, your welfare and wellbeing is a top priority,” Governor Sanwo-Olu said.

Furthermore, he announced that another outstanding N4 billion would be paid in March, with efforts to clear all backlogs by April. The governor also declared a one-year free Ilera Eko Health Scheme for the 1,013 beneficiaries of this batch.

The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, advised retirees to uphold the values and principles they demonstrated throughout their careers. He stressed the importance of proper financial planning and management during retirement, urging retirees to make informed decisions to ensure long-term sustainability and security.

“Let us continue to strive for excellence, innovation, and collaboration as we work together to achieve our shared goals and objectives.

“LASPEC, in line with its role as the regulatory body for pension matters in the state, is constantly reviewing its business processes to provide first-class service to public service retirees. Please contact us for official and trustworthy information on pension matters,” he concluded.

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