Pension

Lagos State pays over N1bn to 246 retirees

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Chuks Udo Okonta

The administration of Babajide Olusola Sanwo-Olu of Lagos State has again paid the sum of N1,003,374,372.68 (One Billion, Three Million, Three Hundred Seventy-Four Thousand, Three Hundred Seventy-Two Naira, Sixty-Eight Kobo) into the Retirement Savings Accounts (RSAs) of 246 Retirees in the Lagos State Public Service.

The Beneficiaries include employees from the Mainstream Service, Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government.

Speaking at the occasion, the Director General (DG) of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana stated that since the inception of the present administration, Mr. Governor, Babajide Sanwo-Olu has consistently paid retirees their monthly entitlements including the payment of some pension backlogs inherited from previous administrations.

The Director General while addressing retirees at the 80th Retirement Benefit Bond Certificates Presentation Ceremony held on Friday, October 30, 2020 in Lagos, congratulated all retirees for rendering meritorious service to the good people of the State.

He informed the retirees that despite the state of the nation and the aftermath of the global Covid-19 pandemic, the Government in line with the vision of a Greater Lagos and its commitment to financial freedom for Lagos State Retirees, ensured the payment of pension entitlements. “This shows the commitment of Governor to the welfare of pensioners in the State” the DG added.

The Director General used the occasion to enlighten the retirees on the two payment options available for accessing their monthly pension entitlements i.e. Programme Withdrawal and Life Annuity.

He urged the retirees to understand the details of the two options. He also advised them to choose the most appropriate option for their situations.

The retirees expressed their appreciation to the Lagos State Government and prayed for the Governor Babajide Sanwo-Olu while they joyfully received their Bond Certificates.

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