Lagos spends over N112.08bn on employees’ pension rights


From left: Director-General, Lagos State Pension Commission, Mrs Folasade Onanuga and Director-General, Public Staff Development Centre, Mrs Olubunmi Fabanwo at the event.

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Chuks Udo Okonta

Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme (CPS) is approximately N112, 080 billion, the Director-General, Lagos State Pension Commission (LASPEC) Mrs Folashade Onanuga, has said.

She disclosed this today, in Lagos, at the 10 Retirement Benefit Documentation Seminar for Core Civil Servants, SUBEB, Parastatals and Local Government Employees due to retire between July to December 2016.

She also noted that about N48, 080 billion has been paid to 10,334 retirees to date, by the state, adding that from August 2015 to April 2016, N13, 701 billion was paid to 3,069 retirees.

She maintained that from April, 2007 to March, 2016, total contributions credited into active employees Retirement Saving Accounts (RSA) managed by the 10 Pension Fund Administrators (PFAs) approved by the state government is about N64 billion.

Onanuga posited that the Governor, Akinwunmi Ambode is totally committed to ensuring that terminal entitlements are paid promptly, stressing that the commission is set to pay another batch of retirees this month of May. She applauded the Governor and his team for their dedication and steadfastness despite the myriad of projects competing for the state’s resources.


Would be retirees at the event

The Director-General urged the would-be retirees to ‘shine their eyes’ and should not be deceived by people offering to help their get their entitlement paid on time.
She said the seminar was designed to adequately prepare the workers, physically, emotionally and financially in retirement.

The Commissioner, Establishments, Training and Pensions, Dr Benson Akintola, said the government is committed to ensuring that people who retire from service live a life of financial independence, stressing that the fact that over 10,300 retirees were paid accrued pension rights of N48,080 billion, speaks volume of the premium the state pays on its ex-employees.

He said the state government pays prompt attention to the obligatory regular monthly deductions of 7.5 per cent from salary of each officer and corresponding 7.5 per cent by the state government and that the contributions are remitted into individual retirement savings account maintained with the appointed pension fund administrators.


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