Lagos Govt Pays Over N125bn To 29,518 Retirees

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The Lagos State government on Friday said it had paid not less than N125 billion to 29,518 retirees since the inception of the Contributory Pension Scheme (CPS) in 2004.

Gov. Babajide Sanwo-Olu of Lagos State, represented by Mrs Folashade Jaji, Secretary to the State’s Government (SSG), said this while delivering a keynote address at the 98th Batch Retirement Bond Certificate Presentation to the state’s retirees.

The event was organised by the Lagos State Pension Commission (LASPEC) in Lagos.

Sanwo-Olu stated that the state government had also paid over N47 billion into the Retirement Savings Accounts (RSAs) of its retirees since the advent of his administration in 2019.

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He noted that 12,642 retirees from the state’s Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals were enjoying their retirement benefits under CPS in the state.

“The Lagos State government has paid 125,996,687,159.13 to 29,518 retirees since the advent of CPS and N47,050,805,734.16 to its retirees since inception of my administration,” he said.

According to him, the state had paid not less than N2,522 billion into the RSA’s of another set of 755 retirees for the month of December.

Sanwo-Olu said: “This is alongside their monthly contributions which has already been remitted into their respective RSAs with the Pension Fund Administrators (PFAs).

“Today’s event is a continued affirmation of the commitment of the state government to the welfare of its workforce, both active and post-service.

He said despite the challenges faced, Lagos State had continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance.

“Lagos State emerged as the top performer in pension payments among other quality indices of the CPS this year,” he added.

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According to him, the state through LASPEC is assiduously working on its administration’s goal to ‘pay as you go. ‘

“My prayer at this particular time is that God in His infinite mercy will see us through the year as it winds up and make us witness many more prosperous years ahead,” he said.

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