Lagos State Government on Friday paid N3.1 billion to 1,013 civil servants who retired from the civil service under the Contributory Pension Scheme (CPS).
Governor Babajide Sanwo-Olu handed over bond certificates to some of the retirees at a ceremony held in Ikeja area of Lagos, Southwest Nigeria.
Speaking at the event, the governor said “I am delighted to inform you that today, another set of 1,013 Retirees will smile home with a total sum of N3,149,658,599.34. This is alongside their monthly contributions which have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).”
Sanwo-Olu disclosed that since the inception of the Contributory Pension Scheme, the government had paid N138,093,194,007.15 to 34,178 retirees.
“Since the inception of my administration, we have paid a sum of N56,551,761,900.88 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 Parastatals of the State Government,” he disclosed.
Sanwo-Olu added that as of today, his administration would have covered nearly half of the total payments made by previous administrations since the inception of the Contributory Pension Scheme in Lagos State.
Acknowledging the backlog in the payment of Accrued Rights, Sanwo-Olu said government’s 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 top priority,” he said.
Head of Service (HoS), Bode Agoro urged the beneficiaries to utilise the money given judiciously, wishing them the best in life.
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, said the Bonds presentation symbolised Sanwo-Olu’s commitment to ensuring the retirees’ financial security and well-being.
“Today, N3,149,658,599.34 will be paid into the Retirement Savings Accounts of 1,013 retirees. Additionally, I want to use this opportunity to emphasise the importance of proper financial planning and management during retirement.
“It is essential for retirees to make informed decisions regarding your finances to ensure long-term sustainability and security. As you decide between programmed withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations,” Obilana advised.
He said LAPEC, 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.
