LASG disburses N1.53bn in pension benefits to 742 retirees

LAGOS, Nigeria - The Lagos State government announced that at least 742 retirees from its public service have received N1.53 billion in accrued pension rights under the current administration. 

This information was disclosed by the Head of Service, Bode Agoro, during the 109th Batch Retirement Benefit Bond Certificate Presentation Ceremony in Lagos.

Agoro mentioned that the payment of contributory pensions is part of the state's ongoing commitment to ensure retirees receive their benefits promptly.

Represented by the Permanent Secretary of the Public Service Office, Olasunkanmi Oyegbola, Agoro emphasized that since taking office, Sanwo-Olu has made timely payments of contributory pensions a priority in the state's efforts to ensure retirees access their dues.

He stated, “The state has consistently fulfilled its obligations to pay pensions to retired workers on time. Since the introduction of the Contributory Pension Scheme (CPS) in 2007, Lagos State has set the standard in honoring its pension commitments.

“From May 2019 to now, the state has disbursed a total of N70.99 billion to 20,956 retirees from the Mainstream Civil Service, Local Government, SUBEB, TESCOM, and various parastatals.

This recent disbursement reflects the Sanwo-Olu administration’s steadfast commitment to recognizing the contributions of our retirees. The bond certificates being awarded today are not merely documents, they represent tokens of gratitude and symbols of the state’s recognition of your service.”

Also addressing the event, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, commended Governor Sanwo-Olu’s proactive support for retirees, noting that the funds account for service years prior to the CPS implementation.

“As you receive your funds, carefully consider your financial situation. Begin by assessing your anticipated monthly expenses, which should encompass everything from housing and healthcare to leisure activities,” he advised.

He further encouraged those planning to include beneficiaries in their wills to ensure that a proper will is created.