The Lagos State Government has released N1.08 billion in accrued pension entitlements to 648 retired public servants, reaffirming its commitment to ensuring the welfare and financial stability of its retirees.
The Head of Service, Mr. Bode Agoro, disclosed this on Friday during the 115th Retirement Benefit Bond Certificate Presentation held in Alausa, Ikeja. He said Governor Babajide Sanwo-Olu approved the payment of N1,081,535,589.42 to beneficiaries under the state’s Contributory Pension Scheme.
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Agoro explained that those who benefited from the payment include retirees from the mainstream civil service, Local Government and Local Council Development Areas, the Lagos State Universal Basic Education Board, the Teaching Service Commission, and other government agencies.
He commended Governor Sanwo-Olu for consistently demonstrating commitment to the welfare of retired workers through the prompt release of funds for pension obligations.
According to him, the regular settlement of pension liabilities reflects the administration’s determination to fulfil its responsibilities to those who dedicated years of service to the state.
Agoro also praised the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, and members of the commission for ensuring the smooth processing of retirement benefits.
He noted that LASPEC’s continuous retirement documentation workshops and awareness programmes have strengthened pension administration and helped prepare workers for life after active service.
In his remarks, the Director-General of LASPEC, Mr. Babalola Obilana, described the presentation of retirement bond certificates as more than a ceremonial exercise, saying it was an opportunity to recognise the commitment, sacrifices and invaluable contributions of retired public servants to the development of Lagos State.
Obilana said the Contributory Pension Scheme has continued to provide financial security for retirees while positioning Lagos as a model for transparent, efficient and accountable pension administration despite prevailing economic challenges.
He stated that the 648 retirees received bond certificates valued at N1,081,535,589.42, representing accrued pension rights earned before the introduction of the Contributory Pension Scheme in 2007.
The LASPEC boss also recalled that during the state’s ministerial press briefing in May, the government announced that it had paid a cumulative N88.4 billion in retirement bond benefits to 25,656 retirees since Governor Sanwo-Olu assumed office in May 2019.
He added that the governor had also approved new pension increases as well as a N50,000 palliative for public servants as part of measures aimed at improving workers’ welfare.
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