The Lagos State government has paid 605 retirees N1.25 billion in pension arrears as part of its ongoing endeavor to meet pension obligations. This latest payment, as part of the ongoing commitment, takes the total amount disbursed since 2019 to a remarkable N57.7 billion, benefiting 16,340 retirees.
Afolabi Ayantayo, the Commissioner for Establishment and Training, made the announcement at the 102nd Retirement Bond Presentation, highlighting Lagos’s unwavering dedication to the administration of the Contributory Pension Scheme (CPS) since its inception in 2007. Ayantayo expressed gratitude to Governor Babajide Sanwo-Olu, acknowledging the administration’s commitment to pensioners’ welfare.
He stated, “The retirement bond is not merely a token of appreciation; it is a symbol of our enduring gratitude and respect for the years of hard work and dedication you have invested in the State. The bonds you’ve forged, the wisdom you’ve shared, and the legacy you’ve built will continue to inspire us.”
Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), emphasized that the funds paid were for service before the introduction of the CPS in 2007. He reassured retirees that the government aims to clear all accrued arrears by the end of the year and streamline the process of benefit disbursement.
Obilana revealed, “The plan is that before the end of this year, we would have settled the accrued arrears, and people will start getting their benefits as and when they retire. We started paying 2022 for mainstream, local government, and TESCOM. We are, however, just rounding up 2021 payment for SUBEB because that is where we have the numbers.”
Furthermore, Obilana disclosed plans to onboard retirees into the Lagos State Health Insurance Scheme (LASHMA), also known as Ilera Eko, pending approval from the State Executive Council. He urged retirees to manage their benefits prudently and cautioned against potential fraudsters targeting vulnerable pensioners.
