The Lagos State Government has released a total of ₦1.52 billion to settle pension entitlements for 798 retirees from its public service.
The disbursement, which was carried out through the Lagos State Pension Commission (LASPEC), is part of Governor Babajide Sanwo-Olu’s administration’s commitment to the welfare of senior citizens who served the state.
Speaking at the presentation ceremony, the Director-General of LASPEC, Mr. Babalola Obilana, explained that the funds covered accrued pension rights of retirees from ministries, departments, agencies, local governments, and parastatals.
Obilana noted that prompt payment of pension entitlements remained a priority for the state, adding that Lagos had consistently led other states in implementing the Contributory Pension Scheme.
Today’s exercise is another demonstration of Mr. Governor’s promise not to abandon our retirees. This disbursement will enable beneficiaries to access their retirement savings accounts without delay and enjoy the dignity they deserve,” he said.
Some of the beneficiaries expressed gratitude to the government, describing the payment as timely, especially in the face of rising economic challenges.
Since the inception of the Sanwo-Olu administration, LASPEC has reportedly paid out several billions of naira to retirees, reinforcing Lagos’ position as a model for pension administration in Nigeria.
