Lagos State pays N4.48 billion to 1,455 retirees at 104th Retirement Bond Certificate Presentation
The Lagos state government has disbursed a total of N4.48 billion to 1,455 civil servants who retired from the Lagos State civil service being their accrued pension rights before the commencement of the Contributory Pension Scheme in 2007, which is due to the retirees at retirement.
This was disclosed at the 104th retirement bonds certificate presentation by the Lagos State Pension Commission (LASPEC).
The state governor, Babajide Sanwo-Olu had promised during the 103rd retirement bonds certificate presentation ceremony in February 2024, that at least N4 billion will be paid at the next Retirement Bond presentation ceremony for March 2024. To ensure that all pending accrued pensions are cleared by the middle of the year, the governor has again guaranteed that the state government would pay an additional N3 billion in April 2024. While he acknowledged the backlog in the payment of accrued rights, Sanwo-Olu noted that the attention of his administration is focused on systematically eliminating the backlog and also expressed optimism about the actualisation of the government’s dream of a “Pay-As-You-Go” model for retirees, before the end of his tenure.
At the presentation, LASPEC Director-General, Babalola Obilana, expressed gratitude to Sanwo-Olu for his steadfast dedication to the well-being of the state’s retirees. The governor, he pointed out, had consistently placed pensioners’ interests first and supported measures to lessen their financial difficulties. He assured that by mid-2024, retirees from the state would receive their benefits as they retire from government employment, emphasising that the governor will keep his word to clear all pension arrears.
Obilana said: “On behalf of Gov. Sanwo-Olu and the entire Lagos State Government, I extend my heartfelt gratitude to all of you present at this memorable event. Lagos State is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers. You have exemplified the values that define Lagos State – integrity, commitment, and excellence. Your dedication and hard work have contributed to the dream of a “Greater Lagos”. You are a source of inspiration for us all. Your legacy will undoubtedly continue to resonate within the public service.”
Obilana also advised retirees to be cautious of fraudsters and choose suitable investments that meets their needs. He highlighted the transition from professional life to leisure and hoped their future would be full of happiness and fulfilment from a rewarding professional life.
Read more Lagos State Pension News here
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