The Lagos State Government has disbursed N1.08 billion in accrued pension rights to 648 retirees across the state public service, reaffirming its commitment to the welfare and financial security of retired civil servants.
Speaking at the 115th Retirement Benefit Bond Certificate Presentation in Alausa, Ikeja, on Friday, the Head of Service, Bode Agoro, said Governor Babajide Sanwo-Olu approved the release of N1,081,535,589.42 for the beneficiaries.
Agoro said the retirees were drawn from the mainstream civil service, local government and local council development areas, the Lagos State Universal Basic Education Board, the Teaching Service Commission and other state government agencies.
He commended the governor for consistently prioritising the welfare of retirees, noting that the regular funding of pension obligations reflected the government’s commitment to fulfilling its responsibilities.
Agoro also praised the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, and the commission’s staff for ensuring the timely processing of retirement benefits. He added that the commission’s sensitisation programmes and retirement documentation seminars had strengthened pension administration and better prepared public servants for retirement.
Also speaking at the event, Obilana said the presentation of retirement bond certificates was more than a routine exercise, describing it as recognition of the dedication, sacrifice and contributions of retirees to the development of Lagos State.
He said the Contributory Pension Scheme had continued to provide financial security for retired public servants, adding that Lagos remained a leading example of transparent and efficient pension administration despite prevailing economic challenges.
According to Obilana, the 648 retirees were entitled to N1,081,535,589.42 in accrued pension rights for services rendered before the introduction of the Contributory Pension Scheme in 2007.
The state government had earlier disclosed during its ministerial press briefing in May that it had paid N88.4 billion in pension bonds to 25,656 retirees since May 2019. It also announced that Governor Sanwo-Olu had approved new pension increments and a N50,000 palliative for public servants.
