Lagos State governor, Babajide Sanwo-Olu on Tuesday said plans are afoot to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies to reduce cost of governance in the state.
The governor stated this while presenting the 2021 budget to the Lagos State House of Assembly.
He said “Mr speaker and honourable members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies”.
The abolishment of Pension Law 2007 will stop payment of pension to former governors of the state, including Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and other individuals that served as governors and deputy governors in Lagos State.
According to the governor, the abolishment of pension for former governors and deputies will reduce the cost of governance in the state.
“It is our firm belief that with dwindling revenues and the appurtenant inflationary growth rates, that we need to come up with innovative ways of keeping the costs of governance at a minimum while engendering a spirit of selflessness in public service,” Sanwo-Olu said.
He said the bill would be sent back to the Lagos State House of Assembly to formally repeal the law.
The 2021 budget size of N1.155 trillion presented to the house members on Tuesday, is christened “budget of rekindling hope.”
In the 2021 fiscal year, the government state government will be investing heavily in the development of human capital, with special focus on youth employment and provision of social safety for young people.
