LASG disburses N1bn pension to 463 retirees

The Lagos State Government has disbursed over N1bn pension to 463 retirees from the state’s civil service.

The sum of N1,006,057,173.45 was credited into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments, local council development areas, the State Universal Basic Education Board, Teaching Service Commission, and other state parastatals.

Speaking at the 111th Retirement Bond Certificate Presentation Ceremony held at the NECA Auditorium, Alausa, Ikeja, on Monday, the Head of Service, Bode Agoro, described the event as a testament to the Governor Babajide Sanwo-Olu administration’s commitment to the welfare of workers, both serving and retired.

 “Under Governor Babajide Sanwo-Olu’s leadership, Lagos has remained consistent in ensuring the prompt presentation of bond certificates to retirees, leading to the speedy payment of their retirement benefits,” Agoro said, adding that the gesture reflected the huge premium the governor placed on the welfare and well-being of senior citizens.

Agoro, who was represented by the Director, Post Service, Public Service Office, Bukola Durodola, urged the beneficiaries to use their entitlements judiciously, saying that the state government remained committed to the welfare of retirees after service.

 In his welcome address, the Director-General of LASPEC, Babalola Obilana, said Governor Sanwo-Olu’s commitment to regular pension payments had positioned Lagos as a model of effective pension administration in Nigeria

Despite the economic challenges faced globally and locally, Lagos State remains one of the few in the federation that consistently fulfils its pension obligations,” Obilana said.

This feat has been achieved through prudent financial management, fiscal discipline, and the governor’s strong political will to prioritise retirees’ welfare,” he added.

 Obilana noted that LASPEC had automated its processes to enhance transparency, accountability, and efficiency.

 In September, LASPEC also disbursed N1.52bn retirement bonds to 798 retirees.

 Last week, it assured retiring public servants of prompt processing and remittance of their benefits, provided their documentation was in order.