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Lagos Pays Over N125bn To 29,518 Retirees

Segun Akinleye by Segun Akinleye
2 months ago
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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.

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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.

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.

“This event is a landmark occasion as the number of retirees and the amount to be paid is the single largest we have paid since the inception of the CPS in Lagos State.

“We are not unaware of the backlog in the payment of accrued rights but we are focused on the intentional and strategic eradication of this backlog.”

Tags: Lagos State News
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