By Peace Erewunmi

The Lagos State Government has disbursed ₦1.08 billion in accrued pension rights to 648 retirees across the state’s public service, reaffirming its commitment to the welfare and financial security of former civil servants.

The funds were presented during the 115th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, Ikeja. Speaking at the event, the Head of Service, Bode Agoro, said Governor Babajide Sanwo-Olu approved the release of ₦1,081,535,589.42 for retirees drawn from the mainstream civil service, local governments and Local Council Development Areas (LCDAs), the Lagos State Universal Basic Education Board (LASUBEB), the Teaching Service Commission (TESCOM), and other state government parastatals.

Agoro described the approval as another demonstration of the administration’s commitment to rewarding public servants for their years of dedicated service. He commended the Lagos State Pension Commission (LASPEC) for ensuring the timely processing and payment of retirement benefits while also praising its retirement documentation and sensitisation programmes for improving pension administration.

The Director-General of LASPEC, Babalola Obilana, said the bond certificates represent the retirees’ accrued pension rights for services rendered before the introduction of the Contributory Pension Scheme (CPS) in 2007. He noted that the exercise was not merely a statutory obligation but a recognition of the invaluable contributions made by retirees to the development of Lagos State.

Obilana added that Lagos has continued to set the pace in pension administration through collaboration with Pension Fund Administrators (PFAs), annuity service providers, ministries, departments and agencies to ensure the seamless processing and payment of retirement benefits despite prevailing economic challenges.

The state government reiterated its commitment to sustaining prompt pension payments and strengthening the welfare of retired public servants as part of its broader agenda to promote an efficient and people-focused public service.