742 retirees receive N1.5bn from Lagos Govt
By Adeola Ogunrinde
The Lagos State Government, through its Pension Commission (LASPEC), has disbursed N1.53 billion in accrued pension rights to 742 former public service staff. The government stated that the funds reflect the commitment of Governor Babajide Sanwo-Olu’s administration to ensuring that no retiree leaves service without receiving their contributory pension entitlements.
The Lagos State Head of Service, Bode Agoro, disclosed this on Thursday during the 109th Batch Retirement Benefit Bond Certificate Presentation Ceremony held in Ikeja. He explained that the payment of contributory pensions is part of the state’s ongoing efforts to ensure retirees receive their benefits as and when due.
Agoro, who was represented by the Permanent Secretary of the Public Service Office, Olasunkanmi Oyegbola, confirmed that since taking office, Governor Sanwo-Olu has prioritized the timely payment of pensions as part of the state’s commitment to its workforce.
“The state has consistently met its obligations to pay pensions to retired workers on schedule. Since the launch of the Contributory Pension Scheme (CPS) in 2007, Lagos State has been a leader in fulfilling its pension responsibilities. From May 2019 to date, the state government has disbursed a total of N70.99 billion to 20,956 retirees from the Mainstream Civil Service, Local Government, SUBEB, TESCOM, and other parastatals.
“This latest disbursement is a testament to the Sanwo-Olu administration’s unwavering dedication to honouring the sacrifices of our retirees. The bond certificates being presented today are not just documents—they are tokens of appreciation and symbols of the state’s respect for your service,” he added.
Earlier, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, praised Governor Sanwo-Olu’s proactive support for pensioners, emphasizing that the funds cover service years prior to the implementation of the CPS.
“As you receive your funds, take a close look at your financial needs. Start by evaluating your expected monthly expenses, including housing, healthcare, and leisure activities,” he advised.
He also encouraged individuals planning to include beneficiaries in their wills to ensure that a will is properly prepared.
