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How Lagos State paid N138.1bn accrued pension to 34,178 retirees in 17yrs – Sanwo-Olu

How Lagos State paid N138.1bn accrued pension to 34,178 retirees in 17yrs – Sanwo-Olu
  • PublishedFebruary 16, 2024

The Lagos State Government says it has paid not less than N138.1 billion as accrued pension right to 34,178 retirees since the inception of the Contributory Pension Scheme(CPS) in the state in 2007.

Gov. Babajide Sanwo-Olu of Lagos State disclosed this at the 103rd Bond Retirement Bond Certificates Presentation, organised by the Lagos State Pension Commission (LASPEC) on Friday in Lagos.

Sanwo-Olu stated that since the inception of his administration in May 2019, the government had paid N56.552 billion into the Retirement Savings Accounts (RSAs) of 16,026 retirees of the state.

He said the retirees worked in the mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government.

According to him, the state government has also paid N3.150 billion into the RSA of 1,013 retirees as accrued right paid for February.

The governor said: “this is alongside their monthly contributions which have already been remitted into their respective RSAs with the Pension Fund Administrators (PFAs).
“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the CPS in Lagos State.
“While we acknowledge the backlog in the payment of accrued rights, our attention is focused on systematically eliminating this backlog.
“I’m 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 his administration would continue to run an open government that acknowledges its diversity and promotes inclusion.
He affirmed that no matter the age, gender, sex, tribe or special needs, the welfare and well-being of employees of the Lagos State Public Service, whether in active service or retired, would be a top priority.
The governor noted that the state continues to be the leading light, not only in the administration of pension benefits but generally in good credible governance.
“We are top performer in pension payments among other quality indices of the CPS
“This was attested to at the year 2024 Africa Brand Awards and the year 2024 Africa Public Sector Leadership Awards, where LASPEC won the gold award for Best Employee Welfare Pension Company of the year.
“The Director-General, LASPEC, Mr Babalola Obilana, also emerged as the Pensions Personality of the year, respectively,” he said.
Sanwo-Olu commended Obilana and staff of the commission for their diligence and commitment to innovation, excellence, and professionalism.
He charged them to keep up the good work in the commission and aim for greater accomplishment.
The governor congratulated the beneficiaries of the 103rd retirement benefit bond certificate presentation, and wished them God’s guidance and better life in retirement.
“I want to express my profound gratitude to the retirees who have dedicated their lives in service to our dear state.
“Your dedication, hard work, and sacrifice have contributed immensely to the growth and development of this great state.
“Your commitment to duty has not gone unnoticed, and today, we gather to honour you and express our deepest appreciation,”he said.
In his goodwill message, Mr Bode Agoro, Head of Service, Lagos State, thanked the Gov. Sanwo-Olu for demonstrating relentless commitment to staff welfare.
Agoro said that the state government is grateful for the service of its retirees and would forever be committed to implementing policies that would keep supporting the well-being of its senior citizens.
He congratulated the beneficiaries and advised them to utilise their money judiciously while wishing them all the best in life.
In his address, Obilana said that the ceremony was an avenue for the state to celebrate the commitment and invaluable contributions of its retirees and also reflect on the legacy they left behind in the state.
He extended his gratitude to the retirees for years of service invested in the state.
The director-general noted that the retirees’ unwavering dedication, professionalism and passion have not only inspired and mentored countless officers, but have also contributed to the success of Lagos state.
Obilana lauded Gov. Sanwo-Olu for his consistency in the payment of the accrued pension right and commitment to staff welfare.
“Retirement is not the end, but rather the beginning of a well-deserved period of relaxation, exploration and fulfillment of long-held dreams and aspirations.
“As we celebrate the accomplishments of our retirees, let us also reaffirm our commitment to upholding the values and principles they have exemplified throughout their careers.
“Let us continue to strive for excellence, innovation and collaboration as we work together to achieve our shared goals and objectives.
“I pray God Almighty grant you good health and long life to enjoy your retirement benefits.
Responding on behalf of the retirees, Mrs Adetokunbo Eko, retired Asst. Director and former Head of Public Affairs Unit, LASPEC commended the state government for prioritising the welfare of its staff and pensioners.
Eko stated that the commitment of the state government to its workers had contributed to the progress of Lagos State.
She expressed hope that the government would clear the outstanding accrued pension, while wishing her fellow pensioners long life in good health and greater achievements ahead.

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Written By
Regina Robinson

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