KEY ACTIVITIES AND ACHIEVEMENTS OF LAGOS STATE PENSION COMMISSION (LASPEC)
Lagos State Government has announced the following as the key activities and achievements of the Lagos State Pension Commission (LASPEC).
In Year 2025 to April 2026, a total sum of N 8,042,264,264.91 (Eight billion, forty-two million, two hundred and sixty-four thousand, two hundred and sixty-four naira, ninety one kobo) only, was paid to 4,060 (Four thousand and sixty) retirees in the Mainstream, Local Government, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other State Government parastatals.
From May 2019, when the current administration began, until April 2026, a cumulative sum of N88,425,724,409.57 Billion (Eighty-eight billion, four hundred and twenty-five million, seven hundred and twenty-four thousand, four hundred and nine naira, fifty-seven kobo) had been paid to 25,656 (Twenty-five thousand, six hundred and fifty=six) retirees across all categories mentioned above.
The Bi-Annual On-Line Verification Exercise for Civil Service Pensioners under the Defined Benefit Scheme took place on the 9th to 23rd June 2025 and 10th to 21st November 2025, with a total number of 4,167 (Four thousand, one hundred and sixty-seven) pensioners and 4,267 (Four thousand, two hundred and sixty-seven) pensioners verified respectively.
In accordance with the National Minimum Wage Amendment Acts 2024, an additional pension increment of N32,000 (Thirty-two thousand naira) was approved on the monthly pension of Defined Benefit Scheme retirees, with effect from July 2024. The pension increment payment is to be implemented from May 2026.
Mr. Governor recently approved the payment of 10% monthly pension to be paid quarterly to retired permanent secretaries with effect from April 2026.
The Bi-Annual Verification exercise for Local Government Pensioners under the Defined Benefit Scheme took place on 26th May to 6th June, 2025 and 27th October to 7th November, 2025. A total number of 4,294 (Four thousand, two hundred and ninety-four) pensioners and 4,283 (Four thousand, two hundred and eighty-three) pensioners respectively were verified during the period.
The Pensioners Week Celebration took place in the five divisions of the State (IBILE) on the 16th and 17th December 2025. A total number of 2,150 (Two thousand, one hundred and fifty) pensioners under the Contributory Pension and Defined Benefit Schemes participated in the event.
Compliance inspections of Parastatals and Tertiary Institutions were conducted between February and May 2025 to assess adherence to pension regulations.
LASPEC organized targeted training programs in July 2025 for key stakeholders, including Directors of Administration and Human Resources, Directors of Finance and Accounts, and Pension Desk Officers.
The Commission sustained its commitment to prompt service delivery by ensuring that sick-case applications were processed within 48 hours of receipt.
As at 2025, a total of Sixteen (16) Pension Fund Administrators (PFAs) were approved to manage pension funds for Lagos State employees, while nine (9) Insurance Companies were licensed to provide annuity services for retirees.
Read more Lagos State Pension News here
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