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Lagos pays N4.48b pension benefits to 1,455 retirees

The Lagos State government has paid out N4.48 billion in accumulated pensions to 1,455 more retirees for March.

The payment was issued yesterday during the Lagos State Pension Commission's (LASPEC) 104th retirement bonds certificate presentation.

The state governor, Babajide Sanwo-Olu had promised to pay at least N4 billion in March during the 103rd retirement bonds certificate ceremony in February, when LASPEC paid N3.2 billion in accrued pensions to 1,013 retirees.

To settle all pending accrued pensions by the middle of the year, the governor guaranteed that the state government would pay an additional N3 billion in April.

While he acknowledged the backlog in the payment of accrued rights, Sanwo-Olu noted: “Our attention is focused on systematically eliminating the backlog.”

He also expressed optimism about the actualisation of the government's dream of a "Pay-As-You-Go" model before his term ended.

At the presentation, LASPEC Director-General, Babalola Obilana, said that the monies were released for civil personnel who retired before the start of the Contributory Pension Scheme in 2007.

Obilana expressed gratitude to Sanwo-Olu for his steadfast dedication to the well-being of the state’s residents.

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 departed from government employment, emphasising that the governor had kept 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.”

LASPEC DG further urged retirees to be cautious of fraudsters and choose suitable pension investments. He highlighted the transition from professional life to leisure and hoped their future would be full of happiness and fulfillment from a rewarding professional life.

Lagos State Speaker, Hon. Mudashiru Obasa in his remark, pledged to support legislation to improve pensioners' lives.

Obasa, representing the House Committee on Establishments, Training, Pensions and Public Service, assured that outstanding pensions would be cleared by May.

He said: “All we want is your trust and support for this administration to thrive. Be assured that we will not fail you.”