28th March, 2024
The Lagos State Government has paid N4,004,753,066.15 to 1,455 civil servants who retired from the civil service.
The Lagos Pensions Commission (LASPEC) paid the N4 billion which accrued prior to the implementation of the Contributory Pension Scheme (CPS) in 2007.
This is in fulfilment of Governor Babajide Sanwo-Olu’s promise to ensure that all backlogs retirees benefits are paid.
Addressing the retirees at the Anchor Event hall, Agidingbi Ikeja, the Director General, LASPEC, Babalola Obilana lauded Sanwo-Olu for his unwavering commitment towards the well-being of the state’s retirees.
Obilana underlined the governor’s ongoing efforts as a means to reduce the financial burdens experienced by retirees.
In his words, “The Governor’s unwavering support for pensioners has been evident through policies aimed at easing their financial burdens. Notably, he is working in accordance with fulfilling his pledge of ensuring that all backlogs are cleared and aiming for a ‘Pay As You Go’ system by the middle of the year.”
Updating the public on Sanwo-Olu’s promise towards retirees who were present at the 103rd bond presentation ceremony, the DG revealed that the list of those present during the bond presentation held on Friday, February 16, had been forwarded to the Lagos State Health Management Agency (LASHMA) to ensure that all present were presented for the health Insurance scheme as promised by the governor.
He reassured retirees that efforts were underway to address other remunerations, including transportation, to ensure a seamless transition into retirement life.
Acknowledging the roles of stakeholders, including Pensions Funds Administrators, (PFA), Obilana commended their efforts and support towards ensuring a seamless operation.
In the same breath, he cautioned retirees to be wary of fraudsters and choose a pension investment plan that suits their needs.
Also at the event, representing the Speaker of the house of Assembly, Rt. Hon. Mudashiru Obasa, Hon. Ajayi Oladele of Ibeju Lekki constituency 2, lauded the collaboration between the governor and the House of Assembly, stating that this collaboration had been helpful to prioritise the welfare of the retirees.
In his words, “The government plans to clear all backlogs by May 2024, demonstrating its commitment to fulfilling its obligations to retirees and ensuring their financial security. This collaboration exemplifies a unified approach to governance, demonstrating proactive and responsive leadership, and a commitment to transparency and accountability.”