The Lagos State Government has disbursed ₦1.004 billion to 465 retirees as accrued pension benefits for their years of service prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
The payment was made during the 111th Retirement Bond Certificates Presentation Ceremony organised by the Lagos State Pension Commission (LASPEC) on Monday.
The Director-General of LASPEC, Mr. Babalola Obilana, described the gesture as a testament to Governor Babajide Sanwo-Olu’s steadfast dedication to the welfare of both serving and retired public servants.
He noted that Lagos remains one of the few states in Nigeria that consistently meets its pension obligations despite prevailing economic challenges.
According to Obilana, the success of the state’s pension administration is the result of prudent financial management, fiscal discipline, and strong political will.
He said the government recognises that the strength of its public service lies in its people and that those who have served the state deserve to retire in comfort and dignity.
Obilana highlighted several reforms implemented by LASPEC to improve pension administration, including automation of pension processes for faster service delivery, regular stakeholder engagement to ensure data accuracy, continuous sensitisation on the Contributory Pension Scheme, prompt resolution of pension-related issues, and enhanced collaboration with relevant ministries and agencies.
He expressed appreciation to Governor Sanwo-Olu for his unwavering support in ensuring regular payment of pensions and for introducing policies that enhance the welfare of senior citizens.
He also commended the cooperation of Pension Fund Administrators, Annuity Service Providers, and various Ministries, Departments, and Agencies for their contributions to efficient pension administration in the state.
Obilana lauded the retirees for their dedication and contributions to the growth and development of Lagos, urging them to embrace retirement with gratitude and optimism.
He advised them to invest wisely, maintain good health, and engage in meaningful activities that promote fulfilment and wellbeing.
The ceremony marked the 111th batch of pension bond presentations since the inception of the Contributory Pension Scheme in Lagos, reinforcing the state’s reputation as a leader in effective pension management and retirees’ welfare in Nigeria.
