Lagos governmemt pays N2.54 billion benefits to 754 retirees

The Lagos State Government has paid another set of 754 retirees N2.54 billion pension benefits. The state governor, Mr Babajide Sanwo-Olu, disclosed this at the weekend at the 98th batch retirement benefit bond certificates presentation ceremony in Lagos.

Sanwo-Olu, who was represented at the event by the Secretary to the State Government, Mrs. Folashade Jaji, said the bond certificates with a total value of N2.54 billion and other monthly contributions have already been remitted into the 754 retirees respective retirement savings account with the pension funds administrations (PFA).

The governor said this benefit is the single largest the state government has paid since inception of the contributory pension scheme, which has seen N125.96 billion paid to 29,519 retirees.

Sanwo-Olu expressed appreciation to the retirees for the service rendered to the state, adding that the event is an affirmation of the state government’s commitment to the welfare of serving members of the workforce and those retirees after years of their career to public service.

“In recognition of our commitment to the administration of pension benefits, Lagos State emerged as a top performer in pension payment among other polity indices of the contributing pension scheme this year,” he said.

The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said the state government has consistently prioritised pension contributions in the yearly state budgets and does not owe monthly pension contributions of both the employer and the employee, which is remitted completely to the PFAs.

He said from January 2022 till date the state government has paid a total sum of N11.4 billion to 3, 481 retirees.

Obilana said the Lagos State Pension Commission, in line with the regulatory body for pension matters to the state, is constantly reviewing business processes to ensure the financial well being of public service retirees.

He said this year, the commission inspected all pension funds administrators and annuity service providers registered with the state to ensure compliance with the CBS, while also concluding the review of the Lagos State Pension Board to ensure the retiring obligations are adequately protected.