Sanwo-Olu presents N3.1bn to 1,013 retirees

 1,013 retirees from the state public sector received bond certificates worth N3.1 billion from Lagos State Governor Babajide Sanwo-Olu.

According to Sanwo-Olu, the N3.1 billion payment and the retirees' monthly payments already deposited into their individual retirement savings accounts (RSAs) demonstrate the administration's dedication to the welfare and well-being of its constituents.

In Ikeja on Friday, during the 103rd batch retirement bond certificate distribution event, the governor made a pledge to pay an additional N4 billion to a different group of retirees in March.

According to him, the Lagos State Pension Commission, on behalf of the state government, is striving to guarantee that retirees from the public service receive not only their legally-mandated benefits but also extra support and assistance that will enhance their retirement years through various programs and agencies.


He stated, "Today's event is a continued affirmation of the state government's commitment to the welfare of its workforce, both active and post-service," and mentioned that 34,178 retirees have received N138 billion from the state since the contributory pension plan's commencement.

 “Since the inception of my administration, we have paid a sum of N56.55bn into the RSAs of 16,026 retirees in the mainstream, local government, state universal basic board (SUBEB), teaching service commission (TESCOM) and other parastatals of the state government.

“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the contributory pension scheme 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,” Sanwo-Olu said.

The Lagos State Pension Commission's director-general, Babalola Obilana, thanked the retirees for their services to the state and counseled them to make prudent use of their pensions.

Retiree Mariam Adetokunbo Eko commended the state government for putting pensioners' welfare first.