The Lagos State Government has allocated ₦1.52 billion to pay retirement benefits and pension rights to 798 retirees.
This was announced at the 110th Retirement Bond Certificate issuance that took place in Lagos, covering retirees from the civil service, Local Governments, teaching service, and other parastatals. The retirees were presented with a bond certificate indicating payment will be sent to the Pension Fund Administrators (PFAs) to receive payment.
Lagos State Governor Babajide Sanwo-Olu reiterated the administration’s commitment to the welfare of senior citizens and assured retirees they will have timely pension payments – given available competing constraints on state finances. The Governor encouraged the retirees to assess the retirement benefits prudently and seek assistance if they have any difficulties.
According to the Lagos State Pension Commission, Lagos State has spent ₦135 billion in accrued pension rights to over 33,000 retirees since the adoption of its contributory pension scheme. The Commission noted that the regularity of pension payments is demonstrative of Lagos as a leader in the Nigerian pension administration.
The recipients thanked the Government for fulfilling its obligations, and specifically indicated that this scheme is a welcomed relief and security after several years of arduous service.
This disbursement demonstrates the state is concerned with preserving pensioners dignity after retirement, and restoring more confidence in the pension administration system in total.
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