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Lagos pays over N1 billion to 287 retirees


Jul 9, 2021
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According to the Lagos State Government, over N1 billion has been credited to 287 Retirement Savings Accounts (RSAs).

Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission, stated this during the 86th bond presentation ceremony in Alausa, Lagos State.

In a statement issued on Saturday, he stated that this was in accordance with the government’s plan to assist pensioners.

While reiterating the state government’s commitment to the welfare of its retirees, he stated that the Contributory Pension Scheme would be implemented in accordance with the provisions of the state’s amended Pension Reform Laws.

Obilana explained that the bond certificates were paid out based on their previous service benefits prior to the start of the Contributory Pension Scheme in 2007. He praised the state government’s efforts to pay the contributory pension.

“The efforts of the Babajide Sanwo-Olu administration towards the success of the Contributory Pension cannot be overstated,” said the Director-General.

To ensure retirees have access to their retirement bond benefits, the state government has made continuous monthly payments a priority.”

He added that the government would continually prioritize pension contributions in the annual state budget to show commitment to retirees for meticulously serving with dedication and selflessness towards the fulfillment of the Lagos State vision.

Obilana appreciated the retirees for their commitment to work during their service years and for their patience after retirement.

He said that the event was organized to acknowledge their labour and sacrifice while in service which contributed immensely to the development of the state.

The director-general urged them to verify the information before reacting to them because LASPEC remained the only verified source of information on pension matters.

Source: The Punch

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