The Lagos State Government paid N4.203 billion in pensions under the Defined Benefits Scheme (DBS), also known as ‘Pay As You Go,’ between May 2019 and March 2021, according to Mrs. Ajibola Ponle, Commissioner for Establishment, Training, and Pension. She spoke to reporters as part of events commemorating Governor Babajide Sanwo-Olu’s 2nd year in office.
Mrs. Ponle stated that the governor approved the payment of a 33% increment for DBS pensioners and a 25% balance of the rent allowance for officers on Grade Level 07 and above who retired between May 2000 and August 2004 as part of the State’s commitment to the welfare of pensioners.
“There are currently 15 approved Pension Funds Administrators (PFA) and seven approved insurance companies that provide pension fund management and annuities to state retirees,” she said. Today, Lagos State is a forerunner and pacesetter in Nigerian pension matters, having won awards for being the most pension-compliant on multiple occasions.”
Mrs. Ponle went on to say that the ministry is constantly interacting with relevant stakeholders such as the Nigerian Union of Pensioners (NUP), the Association of Retired Heads of Service and Permanent Secretaries, and others as part of its efforts to improve the lives of pensioners.