Lagos State Government Disburses N1.52bn to 798 Retirees

Ebere Nwoji

The Lagos state government has said that it disbursed a total of N1.52 billion to 798 retirees of the state public service.

The state government said this is in line with its commitment to the welfare of senior citizens and retirees with dedicated service to the state.

The retirement bond certificates worth a total of N1,520,223,053.19 were presented at the 110th batch retirement bond certificate presentation ceremony at Alausa, Ikeja.

The event was attended by hundreds of retirees who were physically present to collect the bond certificates.

Speaking during the ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the gesture underscored Governor Babajide Sanwo-Olu’s commitment to ensuring retirees receive their entitlements without delay.

He said Lagos operates a pay-as-you-go pension system, enabling prompt settlement once documentation is completed.

He added, “Today’s ceremony is a testament to the commitment of the Lagos state government towards the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers.

“I want to thank Mr Governor, Babajide Olusola Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations. Today, Mr Governor will be presenting another set of 798 retirees with their retirement bond certificates worth a total of N1,520,223,053.19, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”

Speaking on behalf of the retirees after receiving their bond certificates, Mrs Funto Olaitan Aina and Mr Olayinka Ramoni Alaka, expressed gratitude to the government, describing the bond as timely and life-changing.

They also commended the Babajide Sanwo-Olu administration for keeping faith with retirees and urged the Lagos State Government to sustain and improve the system for future pensioners.