Sanwo-Olu Pays N4.46bn To 2,000 Retirees

Lagos State Governor Babajide Sanwo-Olu yesterday said his government has cleared all backlogs of pensions, saying his administration paid N4.46 billion to a new set of 2,000 retirees from the public service.

The governor who stated this at the 105th batch retirement bond certificate ceremony in Ikeja, Lagos, Sanwo-Olu described the event as a historic milestone as the state transition into a new era of Pension Administration called “Pay-As You-Go.”

“From now on, all retirees of the State Government will be paid as they retire, provided all procedures and approvals have been completed before retirement.

“We have strategically prioritized clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement.

“This commitment extends to the welfare of both current and former members of our workforce, recognizing their unblemished careers in the State Public Service,” he said.

Sanwo-Olu also revealed that since the inception of the Contributory Pension Scheme, the state government had paid N141,242,852,606.49 to 35,191 retirees.

He said under his administration alone, N59,701,420,500.22 to 17,039 was paid to retirees, making Lagos State a top performer in pension payments.

“Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4,461,659,536.82. These funds and their monthly contributions have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).

“In addition to financial entitlements, the Lagos State Government, through the Lagos State Health Management Agency, has launched a Health Insurance Scheme tailored specifically for our retirees.
This scheme will provide access to a wide range of medical services, from routine check-ups to specialized treatments.

“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only what is due to you statutorily but also additional support and assistance to enhance your lives in retirement,” he said.

The director-general of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the commission had worked diligently to ensure the timely processing and disbursement of pension benefits.

He said in line with the governor’s vision of “A Greater Lagos Rising”, “we have fulfilled his promise to clear all backlogs of accrued rights payments. Clearing the backlog of accrued rights is a significant achievement, reflecting our dedication to addressing the challenges faced by our retirees.’’