Lagos pays N3.149bn to 1,013 retirees

The Lagos State Governor, Babajide Sanwo-Olu, on Friday, paid another N3.149 billion to 1,013 retirees in its 103rd retirement bond certificate presentation.

He said the payment was in line with his administration’s commitment to the welfare of its workforce, both active and post-service.

The governor spoke at the 103rd retirement bond certificate presentation to retirees of Lagos State ceremony held at Anchor Events Centre, Agidingbi, Ikeja.

“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the CPS in Lagos State. While we acknowledge the backlog in the payment of Accrued Rights, our attention is focused on systematically eliminating this backlog. I am pleased to announce that we have made substantial progress in this regard and I am confident that before the end of my tenure, our aspiration for a “Pay As You Go” model will be realised.

“My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. I want to reaffirm that no matter your age, gender, sex, tribe, or special needs, as long as you are an employee of the Lagos State Public Service, whether in active service or retired, your welfare and well-being are top priority.

“Lagos State government, through LASPEC, is assiduously working to ensure that public service retirees not only get what is due to them statutorily but also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement,” Sanwo-Olu said.

The government, since the inception of the Contributory Pension Scheme, has paid N138 billion to 34,178 retirees. The government has also paid N56,551 billion into the Retirement Savings Accounts of 16,026 retirees in the Mainstream, Local Government, State Universal Basic Board, Teaching Service Commission, and other government Parastatals since the inception of the Sanwo-Olu’s administration.

The governor promised that another N4 billion outstanding will be paid in March while the government will try to clear all backlogs by April.

He also announced a one-year free Ilera Eko health scheme for the 1,013 beneficiaries of this batch.

On his part, the Director-General, Lagos State Pension Commission, Babalola Obilana, admonished the retirees on the importance of proper financial planning and management.

“Let me also emphasise the importance of proper financial planning and management during retirement. Retirees need to make informed decisions regarding their finances to ensure long-term sustainability and security. As you decide between programmed withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations,” he said.