By Ade Jacobs
Governor Babajide Sanwo-Olu of Lagos state said his government has paid over N25 billion to retirees in the state in the last 18 months.
The governor also disclosed that another set of 471 retirees would be receiving about N2 billion, being their past service benefits prior to the commencement of the Contributory Pension Scheme, CPS in 2007.
The state’s helmsman made this disclosure during the 81st retirement bond certificate presentation ceremony to retirees of the Lagos state public service.
He said the amount was paid into retirees’ accounts from the Teaching Service Commission, State Universal Basic Education Board and other parastatals and agencies, after the state government had developed a portal to enable retirees to communicate all enquiries and complaints to the Lagos State Pension Commission, LASPEC.
Sanwo-Olu said, “It is gratifying to note that since the advent of this present administration, the state government has paid a sum of N25,063,027,924.86 into the Retirement Savings Account of retirees in the Mainstream, Local Government, State Universal Basic Board, Teaching Service Commission and other parastatals of the state government.
“I am happy to report that 5,819 retirees are enjoying their retirement benefits under the Contributory Pension Scheme in the past 18 months of my administration.
“Since the inception of the Contributory Pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the scheme.
“The state government has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos state is the only state in the federation that does not owe monthly pension contributions.
“Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.”