No fewer than 648 retirees of the Lagos State Public Service have received accrued pension rights totalling N1.08 billion, as the state government reaffirmed its commitment to timely payment of retirement benefits amid growing concerns over the impact of inflation and rising living costs on pensioners’ welfare.

The disbursement, approved by Gov. Babajide Sanwo-Olu, saw a total of N1.081, 535,589.42 released to beneficiaries drawn from the mainstream civil service, Local Governments and Local Council Development Areas (LCDAs), the Lagos State Universal Basic Education Board (LASUBEB), the Teaching Service Commission (TESCOM), and other state parastatals during the 115th Retirement Benefit Bond Certificated Presentation Ceremony in Lagos.

Speaking at the forum, the Head of Service, Bode Agoro, described the payment as another milestone in the state’s implementation of the Contributory Pension Scheme (CPS), noting that the administration remains committed to ensuring that public servants retire with dignity and financial security.

Agoro said the latest disbursement underscores the government’s resolve to prioritise retirees’ welfare while sustaining confidence in the state’s pension administration.

He commended the Lagos State Pension Commission (LASPEC), led by its Director-General, Babalola Obilana, for sustaining efficient processing of retirement benefits through regular pre-retirement documentation and sensitisation programmes, which have significantly reduced delays in accessing pension entitlements.

According to him, prompt payment of accrued pension rights remains a critical component of the state’s public service reforms. It reflects Governor Sanwo-Olu’s commitment to rewarding years of meritorious service.

He urged retirees to remain engaged with the state’s Post-Service Department to benefit from welfare programmes and opportunities designed to support them after retirement.

The latest payment comes as stakeholders continue to advocate stronger retirement protection across Nigeria, warning that rising inflation, increasing healthcare costs and declining purchasing power have heightened financial pressures on pensioners.