- Sanwo-Olu stated that the state would disburse N4 billion in March and an additional N3 billion in April to settle the outstanding pension debt
Governor Babajide Sanwo-Olu of Lagos State assured that the accumulated pension rights owed by the state will be fully cleared in April.
Speaking at the 103rd bond retirement certificates presentation by the Lagos State Pension Commission (LASPEC), he mentioned the recent payment of N3.20 billion for February’s pension rights to 1,013 retirees.
Sanwo-Olu stated that the state would disburse N4 billion in March and an additional N3 billion in April to settle the outstanding pension debt.
Additionally, he highlighted the state’s commitment to providing one year of health insurance premium coverage under the Ilera Eko Health Insurance Scheme for the mentioned retirees.
“While we acknowledge the backlog in the payment of accrued rights, our attention is focused on systematically eliminating this backlog.
“I am 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,” he said.
He said that the state would continue to be a leading light, not only in the administration of pension benefits but generally in good and credible governance.
Mr Sanwo-Olu assured the retirees that the government, through LASPEC, is working to ensure that public service retirees get what is due to them statutorily.
He added that they would also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.
In his address, Babalola Obilana, director general, LASPEC, thanked the governor for his consistency in the payment of the accrued pension rights and commitment to staff welfare.
Mr Obilana commended the contributions, dedication, professionalism and passion of the retirees to the success of Lagos State.
He, however, stressed the importance of proper financial planning and management during retirement.
According to him, it is essential for retirees to make informed decisions regarding their finances, to ensure long-term sustainability and security.
“As you decide between programme withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations.
“LASPEC, in line with its role as the regulatory body for pension matters in the state, is constantly reviewing its business processes to provide first-class service to public service retirees,” he said.
Responding on behalf of the retirees, Adetokunbo Eko, a retired asst. director and former head of public affairs unit of LASPEC, commended the state government for prioritising the welfare of its staff and pensioners.
Mr Eko stated that the commitment of the state government to its workers had contributed to the progress of the state.