Lagos Pays N34 billion on Retirees’ Accrued Rights

Ebere Nwoji

The Lagos State Government said it has paid a total of N34 billion as Pension Accrued Rights since the assumption of office by Governor Babajide Sanwo- Olu as the governor of the state.

The pension accrued rights represents an employees’ benefits for the past years of service up to June 2004 when the Pension Reform Act gave birth to the current Contributory Pension Scheme practiced in Nigeria.

Sanwo-Olu, disclosed this at the Lagos State Pension Commission (LASPEC) 90th batch mega bond presentation for retirees.
The governor, represented by the state Commissioner for Establishment Training and Pension, Mrs Ajibola Ponnle, said 8,707 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) since his administration came to power.

“As at the 89th Bond presentation batch, the state Government had paid a sum 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 Parastatals of the state government, ” he said.

Sanwo-Olu said the state government had also paid over N1.5 billion into the Retirement Savings Accounts (RSA) of 421 Retirees with their Pension Fund Administrators (PFAs) in addition to their monthly contribution for the month of November.

He said the state government, through LASPEC, would continue to ensure that public service retirees get what was due to them statutorily.
The governor said the retirees would also continue to receive, through other agencies and programmes, additional support and assistance that would add value to their lives in retirement.

“I will continue to run an open government of inclusion that will ensure no one is left behind. No matter your gender, sex, tribe or special needs as long as you reside in Lagos, we will make Lagos work for you”, he said.