By Ruth Ojo, Lagos.
In a bold demonstration of its commitment to the welfare of senior citizens, the Lagos State Government on Monday disbursed a total of ₦1.52 billion to 798 retirees from the state’s public service.
The payments, made under the 110th Batch Retirement Bond Certificate Presentation Ceremony at Alausa, Ikeja, covered accrued rights for workers who retired before the commencement of the Contributory Pension Scheme (CPS) in 2007.
Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the gesture reflected Governor Babajide Sanwo-Olu’s unwavering commitment to prompt settlement of pension obligations.
“Today’s ceremony is not just about disbursing money; it is about honouring the service and sacrifice of our retirees.
It underscores the government’s dedication to ensuring financial security for our senior citizens,” Obilana said.
He noted that Lagos operates a pay-as-you-go pension model, which ensures retirees are paid as soon as their documentation is completed, adding that the state boasts one of the most efficient pension systems in Nigeria.
Obilana also praised the collaboration between LASPEC, Pension Fund Administrators, Annuity Service Providers, and government agencies, stressing that such synergy has made pension processing seamless.
On behalf of the beneficiaries, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka expressed gratitude to the Sanwo-Olu administration, describing the payment as timely and life-changing.
They urged the state to sustain and improve the scheme for the benefit of future retirees.
With the latest disbursement, thousands of retirees have now benefitted from the state’s consistent pension settlements, reinforcing Lagos’ reputation as a pace-setter in pension administration.
