In a significant move to address pension arrears, Lagos State has successfully cleared its pension backlog by disbursing ₦4,461,659,536.82 to 2,000 retirees. This milestone follows the administration’s payment of ₦3.1 billion to 1,013 retirees in February, fulfilling a commitment to settle all outstanding and current pension liabilities.
Since the beginning of the current administration, a total of ₦68,164,627,407.21 has been paid into the Retirement Savings Accounts (RSAs) of retirees from the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other state parastatals.
Governor Babajide Sanwo-Olu expressed pride in this achievement, stating, “Employees of the Lagos State Government who retire from the civil service will now receive their full pension benefits and gratuity immediately after retirement. Lagos State continues to lead in pension benefits administration with a Pay As You Go template.”
In addition to addressing pension payments, the state has launched a Health Insurance Scheme specifically for retirees. This scheme aims to provide comprehensive medical services, ranging from routine check-ups to specialized treatments, enhancing the quality of life for retirees.
“This initiative underscores our commitment to the well-being of our retirees,” Governor Sanwo-Olu emphasized. “We are ensuring that they receive not only their statutory entitlements but also additional support and assistance to enrich their lives in retirement.”
The Governor commended Mr. Babalola Obilana, Director General of the Lagos State Pension Commission, and his team for their dedication and professionalism in managing the state’s pension administration.
This comprehensive approach to pension management and retiree welfare reflects Lagos State’s commitment to prioritizing the needs of its retired workers, shaping a legacy of responsible governance and care for its citizens.
