Pension

Lagos State pays N1.51bn accrued pension rights to 426 retirees

From right: Mrs. Onanuga presidenting a bond certificate to a retiree

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Chuks Udo Okonta

The Lagos State Government at the 69th Retirement Benefit Bond Certificate Presentation Ceremony paid Accrued Pension Rights of N1,514,251,233.33 (One Billion, Five Hundred and Fourteen Million, Two Hundred and Fifty-One Thousand, Two Hundred and Thirty Three Naira, Thirty-Three kobo) into Retirement Savings Accounts (RSA) of 426,retirees’ in the public service.

Retirees

The Director General, Lagos State Pension Commission (LASPEC) Mrs. Folashade Onanuga, said this at the event which held on Monday, November 25, 2019, in Ikeja,

On behalf of the Executive Governor of Lagos State Babajide Sanwo-Olu, she thanked the retirees for contributing their quota and making a meaningful impact during their Service years to the State.

She stated that Mr. Governor in particularly has the interest of retirees at heart.Hence, he has been very consistent in granting approvals in billions to clear off outstanding accrued pension rights.

Mrs. Onanuga

According to the Director-General, before the expiration of this administration,there is a commitment to ensure that as people retire, they will transit to paid pensioners not later than 2 months after retirement. The government is committed to clearing the backlog and hence payment of a huge amount of N1.514 billion for the month of November. In October, an amount of N1.15billion was paid and in December, a projected amount of N1.5billion will also be paid.

Mrs. Onanuga, concluded by advising the retirees that health is wealth in retirement and they should be moderate in everything, to enable them live a longer and healthier life.

One of the retirees requested to know when the free transportation and health proposal will be implemented. The D.G responded that this is projected to take off in the first quarter of the year 2020.

The beneficiaries could not hide their happiness as they received their Bond Certificates. They sang with happiness and thank Mr. Governor for his efforts in ensuring that retirees in Lagos State receive their entitlements on time.


In appreciation, they commended the Agency and the staff for their commitment and diligence in the way and manner they treat retirees issues and wished them continuous God’s guardians’ in the discharge of their duties.

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