LASG clears pension backlog, pays 2,000 retirees N4.46bn

The Lagos State Governor, Babajide Sanwo-Olu, announced the clearing of all pension backlogs in the state on Thursday.

In a statement on X.com on Thursday, Sanwo-Olu stated that with a payment of ₦4.46 billion to 2,000 retirees, the state has fulfilled its commitment to eliminate outstanding pension arrears.

The statement read, “Today, we effectively cleared all pension backlog in Lagos State with the payment of ₦4,461,659,536.82 to 2,000 retirees.

“In February, we paid ₦3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities, and that promise has been fulfilled today.”

He further stated that since assuming office, his administration has paid a total of over ₦68 billion into the Retirement Savings Accounts of retirees across various government departments.

He added that the “Pay As You Go” pension model utilised by the state will ensure that future retirees receive their full benefits and gratuity immediately upon retirement.

Sanwo-Olu added, “Since the inception of this administration, we have paid a sum of ₦68,164,627,407.21 into the Retirement Savings Accounts of retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government. We are very happy with this achievement.

“Employees of the Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement as Lagos State continues to lead in pension benefits administration with a Pay As You Go template.”

In his statement, Sanwo-Olu stated that to further enhance their well-being, the state launched a new Health Insurance Scheme specifically designed for retirees.

“We also launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments,” he added.

In February that Sanwo-Olu paid N3.149 billion to 1,013 retirees in its 103rd retirement bond certificate presentation.

The governor had also promised that another N4 billion outstanding will be paid in March while the government will try to clear all backlogs by April.