Lagos State Government on Monday disbursed a total of ₦1.52 billion to 798 retirees of the State Public Service, reaffirming its commitment to the welfare and financial security of senior citizens who have dedicated years of service to the state.
The bond certificates, worth ₦1,520,223,053.19, were presented at the 110th Batch Retirement Bond Certificate Presentation Ceremony held at Alausa, Ikeja, where hundreds of retirees were in attendance.
Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the gesture underscores Governor Babajide Sanwo-Olu’s commitment to ensuring retirees receive their entitlements without delay.
He said Lagos operates a pay-as-you-go pension system, enabling prompt settlement once documentation is completed.
He stated:“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce.
“It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers.
“The Lagos State Government has made significant strides in pension administration over the years despite various challenges. Today, we can proudly say that the CPS in Lagos State is one of the most efficient and well-managed pension systems in the country. The Lagos State Pension Commission (LASPEC) has consistently worked with various stakeholders: the Pension Fund Administrators, Annuity Service Providers, Lagos State Ministries, Departments, Agencies and other relevant bodies to ensure the smooth processing of pension entitlements for all retirees.
“I want to thank Mr Governor, Babajide Olusola Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations. Today, Mr Governor will be presenting another set of 798 retirees with their retirement bond certificates worth a total of ₦1,520,223,053.19, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”
Obilana noted that LASPEC has remained steadfast in ensuring that pensions are paid on time, noting that the 110th Batch will join a long list of retirees who have received their benefits promptly as part of our commitment to uphold the promise of financial security to public servants.He also advised retirees at the event to plan wisely on how to spend their retirement funds.
Speaking on behalf of the retirees after receiving their bond certificates, Mrs Funto Olaitan Aina and Mr Olayinka Ramoni Alaka, expressed gratitude to the government, describing the bond as timely and life-changing.
They also commended the Babajide Sanwo-Olu administration for keeping faith with retirees and urged the Lagos State Government to sustain and improve the system for future pensioners.“
