LASG disburses N4.48bn to 1,455 retirees for March pensions

In a bid to fulfill its commitment to retirees, the Lagos State Government disbursed a total of N4.48 billion to 1,455 retirees for accrued pensions in the month of March.

The disbursement took place during the 104th retirement bonds certificate presentation organised by the Lagos State Pension Commission (LASPEC).

This follows the previous month’s payment of N3.2 billion to 1,013 retirees during the 103rd retirement bonds certificate presentation in February.

During that event, Governor BabajideSanwo-Olu had pledged to disburse not less than N4 billion in accrued pensions for March.

Governor Sanwo-Olu further assured that the state government would continue its efforts to settle all outstanding accrued pensions, with an additional N3 billion slated for payment in April, aiming to clear the backlog before the middle of the year.

Highlighting the government’s commitment to addressing pension arrears, the governor emphasised a systematic approach towards eliminating the backlog.

He expressed confidence that the government’s aspiration for a “Pay-As-You-Go” model would be realised before the end of his tenure.

The continued disbursement of accrued pensions reflects the government’s dedication to supporting retirees and ensuring their financial security, underscoring its commitment to effective pension administration in Lagos State.

LASPEC’s Director-General, MrBabalolaObilana, said at Thursday’s presentation that funds released were for civil servants who retired before the commencement of Contributory Pension Scheme in 2007.

Obilana thanked Sanwo-Olu for his unwavering commitment to the welfare of the people of Lagos State.

He noted that the governor had continuously prioritised the needs of pensioners and approved policies to ease the financial burdens of retirees.

He noted that the governor had fulfilled his promise of clearing all pension backlogs and assured that by the middle of 2024, Lagos State retires would be paid their entitlements as they exited from service.

“On behalf of Gov. Sanwo-Olu and the entire Lagos State Government, I extend my heartfelt gratitude to all of you present at this memorable event.

“Lagos State is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers.

“You have exemplified the values that define Lagos State – integrity, commitment, and excellence.

“Your dedication and hard work has contributed to the dream of a `Greater Lagos’. You are a source of inspiration for us all. Your legacy will undoubtedly continue to resonate within the public service,” Obilana said.

The Director-General charged the retirees to be wary of fraudsters who preyed on vulnerable pensioners and be sure to choose pension investments and plans that work for them and their families.

Obilana noted that life in retirement is a transition from the hustle and bustle of a professional life to the serene embrace of well-earned leisure.

He prayed that the future of the retirees would be filled with the joy and satisfaction of a well-lived professional journey.

In his remarks, Speaker, Lagos State House of Assembly, Hon. MudashiruObasa, promised that lawmakers would continue to support legislations to further improve the lives of pensioners.

Obasa, represented by the Chairman, House Committee on Establishments, Training, Pensions and Public Service, Hon. OladeleAjayi stated that Lagos State is the only state in Nigeria that is committed to monthly payment of pension benefits.

He assured that by the month of May, outstanding accrued pensions owed by the state would be cleared.

“All we want is your trust and support for this administration to thrive. Be assured that we will not fail you,” he said.