Monday, 19 August 2024

Governor Sanwo-Olu Clears Pension Areas

Governor Sanwo-Olu Clears Pension Areas

By: Bisi Akingbade 


Lagos State government has fulfilled its commitment to eliminate all outstanding pension arears by clearing all pension backlogs in Lagos State.

While speaking at the 105 batch retirement bond certificate ceremony in Ikeja, Lagos State, Governor Babajide Sanwo-Olu described the ceremony as historic milestones.

His words " This marks our 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 prioritised 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 noted that since the inception of the contributory pension scheme, the state government has paid N141,242,852,606,49 to 35, 191 retirees.

He also confirmed the payment of over N N68 billion into the Retirement Savings Account of retirees  across various  government departments.

The Director General, Lagos State Pension Commission, LA SPEC, Babalola Obilana stated that the commission had worked diligently to ensure the timely disbursement of  Pension benefits.

He cautioned retirees of fraudters targeting vulnerable pensioners.

In his own contribution, the Head of Service, Mr. Bode Agoro advised the retirees to share their wealth of experience and knowledge with younger generations.