Lagos Governmemt Pays N2.54 Billion Benefits To 754 Retirees

Lagos Governmemt Pays N2.54 Billion Benefits To 754 Retirees

According to Obilana, the Lagos State Pension Commission, as the state’s regulatory body for pension matters, is constantly reviewing business processes to ensure the financial well-being of public servant retirees.

He stated that this year, the commission inspected all pension funds administrators and annuity service providers registered with the state to ensure compliance with the CBS, as well as finishing the review of the Lagos State Pension Board to ensure retiring obligations are adequately protected.

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The Lagos State Government has paid N2.54 billion in pension benefits to 754 retirees. Mr Babajide Sanwo-Olu, the state governor, announced this over the weekend at the 98th batch retirement benefit bond certificates presentation ceremony in Lagos.

Sanwo-Olu, who was represented at the event by Mrs. Folashade Jaji, Secretary to the State Government, said the bond certificates, worth N2.54 billion, and other monthly contributions had already been deposited into the 754 retirees’ respective retirement savings accounts with the pension funds administrations (PFA).

According to the governor, this is the single largest benefit paid by the state government since the inception of the contributory pension scheme, which has seen N125.96 billion paid to 29,519 retirees.

Sanwo-Olu expressed gratitude to the retirees for their service to the state, adding that the event demonstrates the state government’s commitment to the welfare

Mr Babalola Obilana, Director-General of the Lagos State Pension Commission, stated that the state government has consistently prioritized pension contributions in yearly state budgets and does not owe monthly pension contributions of both the employer and the employee, which are completely remitted to the PFAs.

He stated that the state government has paid a total of N11.4 billion to 3, 481 retirees since January 2022.

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of serving members of the workforce and those who have retired after years of public service.

Obilana stated that the Lagos State Pension Commission, as the state’s regulatory body for pension matters, is constantly reviewing business processes to ensure the financial well-being of public service retirees.