LASG pays N32 billion to 7,998 retirees in two years

The Lagos State Government said it has paid over N32 billion to 7,998 retirees of its public service in the last two years.

Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this during the 85th bond presentation to retirees in the state.

Obilana said that the state government considered the welfare of pensioners as a priority and was committed to the speedy resolution of all pension issues in the state.

He explained that one of the targets of the current administration to conclude the payment of accrued pension rights at the end of the governor’s first term in office.

According to him, this will enable pensioners to receive their entitlements upon retirement from the state’s public service on a ‘pay as you leave’ basis.

Obilana, noted that in fulfillment of the government’s commitment to pensioners’ welfare, the Retirement Saving Accounts (RSAs) of 326 retirees were credited with over N1 billion in May.

“The governor is committed to retiree’s welfare that is why despite all odds, retirees are still on the front burner of his agenda. It is clear that the financial freedom of the state’s pensioners is paramount to this administration,” he said.

Obilana advised the retirees to choose the right option for their pension needs between an annuity and programmed withdrawal.