Lagos State Governor Babajide Sanwo-Olu announced on Saturday that the state government has paid over N34 billion in pension accrued rights during his administration.
Sanwo-Olu made the remarks during the 90th batch mega bond presentation for retirees at the Lagos State Pension Commission (LASPEC).
The governor, represented by Mrs Ajibola Ponnle, Commissioner for Establishment, Training, and Pension, stated that 8,707 retirees have benefited from the Contributory Pension Scheme (CPS) since this administration took office.
“As of the 89th Bond presentation batch, the state government had paid a total of N34,124,218,387.60 into the Retirement Savings Account (RSA) of Retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), the Teaching Service Commission (TESCOM), and other state government parastatals,” he said.
In addition to their monthly contribution for the month of November, Sanwo-Olu stated that the state government had paid over N1.5 billion into the Retirement Savings
Accounts (RSA) of 421 retirees with their Pension Fund Administrators (PFAs).
He stated that the state government, through LASPEC, would continue to ensure that public service retirees receive what is legally owed to them.
The governor also stated that retirees would continue to receive additional support and assistance in retirement through other agencies and programs.
“I will continue to run an open government of inclusion that will ensure no one is left behind. “We will make Lagos work for you regardless of your gender, sex, tribe, or special needs as long as you live in Lagos.”
Lagos State has remained a shining example, not only in the administration of pension benefits, but also in general good governance.
“As a result, we must all be determined to contribute to the change that is much needed to bail our country out of its current situation and make life worth living for everyone,” he said.
Sanwo-Olu wished the retirees God’s blessings and a better life in retirement, and urged them to continue to follow all COVID-19 safety guidelines.
Mr Babalola Obilana, Director-General of LASPEC, stated in his opening remarks that the commission is constantly reviewing its business processes in line with its role as the state’s pension regulatory body.
Obilana stated that this was done to ensure the financial independence of public sector retirees.
“The commission is assisting in the review of the Lagos State Pension Reform Law in order to eliminate bottlenecks in the processing of retirement documents and expedite access to pension benefits.”
“This is consistent with our commitment to providing first-rate services to our retirees who have contributed so much to the development of our dear state,” he said.
Obilana stated that since the inception of CPS in Nigeria, Lagos state has remained focused and steadfast on the scheme’s ideals.
He stated that the state government has consistently prioritized pension contributions in the annual state budget and that the state government does not owe monthly pension contributions.
“After salaries are received, both employee and employer contributions are promptly remitted into individual employee’s RSAs,” he said.
The LASPEC boss urged the retirees to take good care of themselves and to remember that “health is wealth.”
In his remarks, Hon. Yinka Ogundimu, Chairman of the House Committee on Establishment and Pension, stated that the House had passed the Lagos State Pension Reform bill to the Governor for assent within the week and hoped that it would be done soon.
According to Ogundimu, the bill will make the processing of accrued rights easier and faster for retirees and LASPEC.
He advised the retirees not to make any investments without first seeking advice from qualified professionals and wished them well in their new phase of life.