Sanwo-Olu presents N3.1bn to 1,013 retirees

…another N4bn billed in March

Governor Babajide Sanwo-Olu of Lagos State has presented bond certificates valued at N3.1 billion to 1,013 retirees from the state public service.

The N3.1 billion payment, alongside the retirees’ monthly contributions, already remitted into their respective retirement savings accounts (RSAs), according to Sanwo-Olu, is a testament to his administration’s commitment to the welfare and well-being of retirees.

At the 103rd batch retirement bond certificate presentation event held in Ikeja, on Friday, the governor promised to pay another N4 billion to another set of retirees in March.

He said the state government through the Lagos State Pension Commission was working to ensure that public service retirees not only get what is due to them statutorily but also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.

“Today’s event is a continued affirmation of the commitment of the state government to the welfare of its workforce, both active and post-service,” he said, adding that the state government since the inception of the contributory pension scheme has paid N138bn to 34,178 retirees.

“Since the inception of my administration, we have paid a sum of N56.55bn into the RSAs of 16,026 retirees in the mainstream, local government, state universal basic board (SUBEB), teaching service commission (TESCOM) and other parastatals of the state government.

“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the contributory pension scheme in Lagos State. While we acknowledge the backlog in the payment of accrued rights, our attention is focused on systematically eliminating this backlog.

“I am pleased to announce that we have made substantial progress in this regard and I am confident that before the end of my tenure, our aspiration for a “Pay as you go” model will be realised,” Sanwo-Olu said.

Babalola Obilana, the director-general of the Lagos State Pension Commission, commended the retirees for their services to Lagos State and advised them to use their pensions judiciously.

Mariam Adetokunbo Eko, one of the retirees, praised the state government for prioritising pensioners’ welfare.