Lagos pays N1.04bn to 222 retirees

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The Lagos State Government has said it paid N1.04bn pension to 222 retirees in the state in February.

The Director-General, LASPEC, Babalola Obilana, disclosed this during the 91st batch retirement bond certificate presentation ceremony in Lagos on Friday.

“Today (Friday), the present administration of Governor Babajide Sanwo-Olu will be presenting another set of 222 retirees with a sum of N1.043bn, being their past service benefits prior to the commencement of the Contributory Pension Scheme in 2007,” he said.

He said despite the numerous local and global challenges, the state government had made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible.

He said LASPEC also constantly reviewed its business processes to ensure first-class service delivery to its retirees and accomplish the state’s goal of the immediate payment of pension entitlements upon retirement from the public service.

Obilana said the state government, in recognition of its dedicated workforce, had consistently prioritised pension contributions in the annual state budget.

According to him, Lagos is one of the few states in the federation that does not owe monthly pension contributions.

“Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received,” he said.

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