Lagos State Pays N32.3bn to 7,998 Retirees in Two Years

Lagos State Government has paid 32,276,395,658.43 (Thirty-Two Billion, Two Hundred and Seventy-Six Million, Three Hundred and Ninety-Five Thousand, Six Hundred and Fifty-Eight Naira, Forty-Three Kobo) to 7,998 Retirees in the past two years.

The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, who disclosed this stressed that the State Government considers the welfare of Pensioners as top priority and is committed to the speedy resolution of all Pension issues in the State.

Obilana stated that one of the targets of the present Administration is to have successfully concluded the payment of Accrued Pension Rights at the end of Mr. Governor’s first term in Office so Pensioners can receive their entitlements upon retirement from the State’s Public Service on a ‘pay as you leave’ basis.

Speaking on Thursday, at the 85th Bond Presentation Ceremony held at the LASPEC Hall, NECA House, Alausa, Obilana said that 329 Retirement Saving Accounts (RSAs) were credited with a total of N1,000,756,297.50 (One Billion, Seven Hundred and Fifty-Six Thousand, Two Hundred and Ninety-Seven Naira, Fifty Kobo) in fulfillment of Government’s commitment to Retirees’ welfare.

He said, “the Governor is committed to Retiree’s welfare that is why despite all odds, Retirees are still on the front burner of his Agenda”. It is clear that the financial freedom of the State’s Pensioners is paramount to this Administration.

Obilana advised Retirees to choose the right option for their needs between Annuity and Programmed Withdrawal. He urged them not to focus on the decision of others but to ensure they select the choice that best suits them.

Felicia Ojo, a Retiree, thanked Mr. Governor, Babajide Sanwo-Olu, the Management and Staff of LASPEC for their unflinching support for Pensioners in Lagos State.