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Babajide Sanwo-Olu, the Governor of Lagos State, has approved a 33% increase in the pensions of retirees under the Defined Pension Scheme (DBS) as a result of the New Minimum Wage Act’s implementation.

Recall that while presenting the 2021 Appropriation Bill to the state House of Assembly last November, the governor also revealed the plan to overturn the state’s prior governors’ pension law. Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), stated this in an interview with The Nation newspaper.

The governor, according to Obilana, stated that the goal of repealing the law was to relieve the state government of its legal obligations and lower the expense of governance. The LASPEC DG also stated that the government is dedicated to resolving pension issues as quickly as possible.

He said that LASPEC has been paying RSAs of pensioners a minimum of N1 billion per month in Accrued Pension Rights.

“Between May 2019 and last month, a total of 7,308 retirees had their Accrued Pension Rights of N29.1 billion credited into their RSAs since the start of his administration,” he said.

“The payment of accrued rights to state retirees is carried out regularly and scheduled by year of exit,” Obilana said. “As a result, the retirees are not under any obligation to make kickbacks to Commission employees in order to assure payment.”

Source: The Nation

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