The governor of Lagos State, Babajide Sanwo-Olu, declared that his administration had paid out N141 billion to 35,191 retirees under the Contributory Pension Scheme, clearing the backlog of pensions.
Additionally, the administration disbursed N4.5 billion in pension funds to the most recent group of 2,000 Lagos State Public Service retirees.
Sanwo-Olu disclosed this at the 105 Batch, Retirement Bond Certificate Presentation Ceremony to 2,000 retirees on Thursday, hosted by the Lagos State Pension Commission, LASPEC, held at Ikeja, Lagos.
The governor reaffirmed the administration’s unshakable commitment to the welfare of pensioners, advising them to take use of their benefits and work with service providers to invest their money wisely.
According to Sanwo-Olu, arrangements have been made so that all retirees will receive their retirement benefits as soon as they leave the state’s civil service.
“This is another landmark event in the history of Lagos State. Lagos will always be the pacesetter for others in the country.
“I am happy to announce that sometime in March this year, we paid the first tranche of pension backlogs and today, July, we have cleared all accrued pensions arrears.
“We commended your patience and dedication. We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement.
“This commitment extends to the welfare of both current and former members of our workforce, recognizing their unblemished careers in the State Public Service,” the governor stated.
According to Sanwo-Olu, the pension payment honors the retirees’ years of devoted service to the cherished state and demonstrates the state government’s steadfast commitment to them.
“Today, we mark the 105th Retirement Bond Certificate presentation, a historic milestone as we transition into a new era of Pension Administration called “Pay-As You-Go.” From now on, all retirees of the State Government will be paid as they retire, provided all procedures and approvals have been completed before retirement.
“We have strategically prioritized clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognizing their unblemished careers in the State Public Service,” he said.
According to Sanwo-Olu, 35,191 retirees have received N141.2 billion from the state government since the Contributory Pension Scheme’s launch.
“Under this administration alone, we have paid N59.7b to 17,039 retirees, making Lagos State a top performer in pension payments.
“Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4.46b. These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).
“In addition to financial entitlements, the Lagos State government, through the Lagos State Health Management Agency, has launched a Health Insurance Scheme tailored specifically for our retirees.
“This scheme will provide access to a wide range of medical services, from routine check-ups to specialized treatments.
“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only what is due to you statutorily but also additional support and assistance to enhance your lives in retirement.”
In addition to thanking Governor Sanwo-Olu for his swift approval to clear backlogs and release money for the payment of accrued benefits to retirees in commitment to their welfare, Commissioner for Establishment and Training Afolabi Ayantayo also expressed gratitude in his remarks.
The governor, Sanwo-Olu, graciously approved the release of the funds, and LASPEC’s diligent efforts in processing them, were commended by the state Head of Service, Mr. Bode Agoro, who described the occasion as a “milestone” made possible by the current administration.
Agoro states, “We are happy to announce that the state will switch to a pay-as-you-go basis for retirement bond payments with this batch of retirees, essentially eliminating any future backlogs.
“0ur esteemed retirees. Your commitment, dedication, and sacrifices have been instrumental in the achievements of our State Public Service, which in turn have significantly contributed to the progress of our great state.
“In recognition of your invaluable service, I am pleased to announce that this administration is steadfast in its efforts to clear all backlogs of Accrued Rights Payments.
“This commitment signifies our determination to eliminate pension arrears in the near future, a commendable effort deserving of our collective applause for Mr. Governor’s kind gesture.
“I am delighted to affirm that the administration of Mr. Sanwo-Olu remains resolute in its commitment to enhancing the welfare and well-being of both active and retired staff.
“In Lagos State, the government ensures the consistent payment of workers’ salaries on the 23rd of every month, alongside the regular remittance of retirement benefits. This consistency has now become a norm, reflecting our dedication to the welfare of our workforce.
“We acknowledge that the journey to this point has not been without its challenges, and we commend you for your understanding and patience.
“The Lagos State Government has paid N59,701,420,500.22 to 17,039 retirees across various sectors from May 2019 to date.
“Today, Mr. Governor will be disbursing an accrued pension rights sum of N4,461,659,536.82 into the Retirement Savings Accounts of 2,000 retirees.
“To our esteemed retirees, I encourage you to embrace the opportunities that this new phase of life brings. Continue to share your wealth of experience and knowledge with the younger generation, and remain active and engaged within your communities.”
To take part in the quarterly entrepreneurial seminars and training as well as the bimonthly webinars on keeping a healthy lifestyle in retirement, please remain in touch with my office’s Post Service Directorate. Use the Lagos State Recreation and Wellness Centers in your communities for your health and well-being. For the locations of these Centers, get in touch with the Post Service Directorate. I hope you have long health, joy, and contentment in retirement.
To enable early processing, Agoro asked officials who were about to retire to send their retirement notifications as soon as possible to respective Ministries, Departments, Agencies, and MDAs.
“Additionally, I call upon our reliable Pension Fund Administrators to expedite the processing of the accrued pension rights being deposited today to ensure timely disbursement to the beneficiaries.”
He was appreciative of Mr. Governor for keeping his word.
Mr. Babalola Obilana, Director-General of LASPEC, praised the retirees for their commitment and diligence, which helped to create the “Centre of Excellence” and were essential to the state’s progress.
Obilana said, “You have exemplified the values that define our dear State–integrity, commitment, and excellence.”
“Your tireless efforts, professionalism, and integrity have laid a strong foundation for the continued growth of our State. Today is a celebration of your career accomplishments and the lasting legacy you leave behind.”
“LASPEC has worked diligently to ensure the timely processing and disbursement of pension benefits.
“In line with Mr. Governor’s vision of “A Greater Lagos Rising”, we have fulfilled his promise to clear all backlogs of accrued rights payments.
“Clearing the backlog of accrued rights is a significant achievement, reflecting our dedication to addressing the challenges faced by our retirees.
“We understand the importance of these payments in securing a comfortable and dignified retirement, and we are committed to maintaining this momentum.
“Today, the administration of Governor sanwo-Olu will present another set of 2,000 retirees with a total sum of N4,461,659,536.82, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”
