Lagos state Governor, Babajide Sanwo-Olu, said his administration has cleared all pension backlogs of the state with the payment of over N4bn to 2,000 retirees.
Sanwo-Olu announced this on his official X handle, @jidesanwoolu on Thursday, July 4, 2024.
The Governor stated that his administration has paid a total of over N68bn into the Retirement Savings Accounts (RSAs) of retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government.
He wrote: “Today, we effectively cleared all pension backlog in Lagos State with the payment of ₦4,461,659,536.82 to 2,000 retirees.
“In February, we paid ₦3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities and that promise has been fulfilled today.
“Since the inception of this administration, we have paid a sum of ₦68,164,627,407.21 into the Retirement Savings Accounts (RSAs) of retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government. We are very happy with this achievement.
“Employees of the Lagos state government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement as Lagos State continues to lead in pension benefits administration with a Pay As You Go template.
“Prioritizing the welfare of our retired workers is not just an obligation, it is a commitment we must fulfil to shape our legacy as a state. We also launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments.
“This initiative underscores our commitment to the well-being of our retirees while ensuring that they receive not only what is due statutorily but also additional support and assistance to enhance their lives in retirement. Well done to the DG of the Lagos State Pension Commission, Mr. Babalola Obilana and his team for their continued dedication and professionalism.”
