- Lagos State Government disburses ₦1.004bn to 465 retirees as pension benefits for their service before the Contributory Pension Scheme (CPS).
- Governor Babajide Sanwo-Olu reaffirms commitment to retirees’ welfare and pension payment in Lagos.
- LASPEC introduces automation and reforms to improve transparency and pension processing efficiency.
- Retirees urged to invest their pension funds wisely and maintain a healthy lifestyle after years of service.
The Lagos State Government has presented ₦1.004 billion to 465 retirees as their service benefits accrued before the introduction of the Contributory Pension Scheme (CPS) in 2007.
During the 111th Batch Retirement Bond Certificates Presentation Ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, highlighted that the payment underscores Governor Babajide Sanwo-Olu’s dedication to the welfare of both serving and retired workers in the state.
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Obilana explained that despite current economic difficulties, Lagos remains among the few states in Nigeria that consistently fulfil its pension obligations, thanks to prudent financial management and strong political will.
“This achievement is a product of fiscal discipline and the governor’s resolve to prioritize the well-being of our retirees,” he said. “Those who have served the state deserve to retire in comfort and dignity.
He stated that the Lagos State Government, through LASPEC, has adopted several reforms to strengthen transparency and efficiency in pension administration. These include the automation of pension processes for faster service delivery, regular stakeholder engagement for accurate data management, and timely resolution of pension-related issues.
“Today, Mr. Governor will be presenting ₦1,004,795,336.16 to another batch of 465 retirees as payment for their past service benefits before the Contributory Pension Scheme began in 2007,” Obilana said.
He applauded Governor Sanwo-Olu’s consistent support for regular pension payments and his dedication to senior citizens’ welfare. He also acknowledged the contributions of the Pension Fund Administrators (PFAs), Annuity Service Providers, and relevant Ministries, Departments, and Agencies (MDAs) for their cooperation in ensuring a seamless process.
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Addressing the retirees, Obilana commended their years of selfless service to Lagos State, urging them to embrace retirement with gratitude and optimism.
“As you enter this new chapter, invest your funds wisely, stay healthy, and engage in activities that bring fulfilment,” he advised.
