Since the commencement of the Contributory Pension Scheme (CPS) in 2004, the Lagos State government has paid over N126 billion to 29,518 pensioners, according to a statement released on Friday.
Presenting a keynote presentation at the 98th Batch Retirement Bond Certificate Presentation to retirees in Lagos State, Governor Babajide Sanwo-Olu, who was represented by Mrs Folashade Jaji, Secretary to the State’s Government (SSG), made these remarks.
The event was hosted in Lagos, Nigeria, and was organised by the Lagos State Pension Commission (LASPEC).
Since the beginning of his administration in 2019, Sanwo-Olu said, the state government has deposited approximately N47 billion into its pensioners’ Retirement Savings Accounts (RSAs).
He said that 12,642 people were receiving benefits as a result of CPS in the state, including retirees from the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals.
“The Lagos State government has paid 125,996,687,159.13 to 29,518 retirees since the advent of CPS and N47,050,805,734.16 to its retirees since the inception of my administration,” he said.
“Today’s event is a continued affirmation of the state government’s commitment to the welfare of its workforce, both active and post-service.
“This event is a landmark occasion as the number of retirees and the amount to be paid is the single largest we have paid since the inception of the CPS in Lagos State.
“We are not unaware of the backlog in the payment of accrued rights, but we are focused on the intentional and strategic eradication of this backlog”, Sanwo-Olu maintained.
He claimed that despite difficulties, Lagos State remained an example of effective governance and a leader in the administration of pension payments.
“Lagos State emerged as the top performer in pension payments among other quality indices of the CPS this year,” he added.
The state, he claims, is working diligently through LASPEC to achieve the administration’s goal of “pay as you go.”