The Lagos State Governor, Mr Babajide Sanwo-Olu, has approved the disbursement of N1.53bn in accrued pension rights to 742 retirees of the state public service.
This was revealed by the Lagos State Head of Service, Mr. Bode Agoro, during the 109th Batch Retirement Benefit Bond Certificate Presentation Ceremony, held at Alausa, Ikeja, recently.
According to Agoro, who was represented by the Permanent Secretary, Public Service Office, Mrs Olasunkanmi Oyegbola, the payment of the contributory pension is part of the state’s continued efforts to ensure that retirees receive their entitlements as and when due.
The HoS affirmed that since taking office, Sanwo-Olu had prioritised the timely payment of contributory pensions as part of the state’s commitment to ensuring that retirees receive their benefits.
He said, “The state has consistently met its obligations to pay pensions to retired workers on schedule. Since the launch of the Contributory Pension Scheme in 2007, Lagos State has been a leader in fulfilling its pension responsibilities. From May 2019 to the present, the state government has distributed a total of N70.99bn to 20,956 retirees from the mainstream civil service, local government, SUBEB, TESCOM, and other parastatals.
“This latest disbursement is a testament to the Sanwo-Olu administration’s unwavering dedication to honouring the sacrifices of our retirees. The bond certificates being presented today are not just documents—they are tokens of appreciation and symbols of the state’s respect for your service,” he said.
Oyegbola went on to urge the retirees to take care of their health and also highlighted the governor’s initiative to ensure that retirees receive free healthcare through the Lagos State Insurance Scheme in the first year after receiving their bond certificates.
Speaking earlier at the event, the Director-General of the Lagos State Pension Commission, Mr. Babalola Obilana, praised Sanwo-Olu’s proactive support for pensioners, emphasising that the funds cover service years before the CPS’s implementation.
He also acknowledged LASPEC staff and pension fund stakeholders for their role in ensuring the smooth operation of the process.
Retirees at the event were advised to plan wisely on how to spend their retirement funds.
“As you receive your funds, take a close look at your financial needs. Start by evaluating your expected monthly expenses, which should include everything from housing and healthcare to leisure activities,” said Obilana.
He also urged individuals who are planning to include beneficiaries in their wills to ensure that a will is prepared. He emphasised that writing a will is not synonymous with a death sentence.
According to him, having a will in place will alleviate the stress for beneficiaries when processing benefits in the future.
