Lagos State pays N32.3billion to 7,998 retirees in two years

Lagos State Government has paid 32,276,395,658.43 (Thirty-Two Billion, Two Hundred and Seventy-Six Million, Three Hundred and NinetyFive Thousand, Six Hundred and Fifty-Eight Naira, Forty-Three Kobo) to 7,998 Retirees in the past two years.

The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, who disclosed this said that the State Government considers the welfare of Pensioners as the top priority and is committed to the speedy resolution of all Pension issues in the State.

Obilana stated that one of the targets of the present Administration is to have successfully concluded the payment of Accrued Pension Rights at the end of Mr. Governor’s first term in Office so Pensioners can receive their entitlements upon retirement from the State’s Public Service on a ‘pay as you leave’ basis.

Speaking at the 85th Bond Presentation Ceremony held at the LASPEC Hall, NECA House, Alausa, Obilana said that 329 Retirement Savings Accounts (RSAs) was credited with a total of N1,000,756,297.50 (One Billion, Seven Hundred and Fifty-Six Thousand, Two Hundred and Ninety-Seven Naira, Fifty Kobo) in fulfilment of the Government’s commitment to Retirees’ welfare.

He said, “the Governor is committed to Retiree’s welfare that is why despite all odds, Retirees are still on the front burner of his Agenda”.

It is clear, he said, that the financial freedom of the State’s Pensioners is paramount to this Administration.