The Lagos State Government has approved the payment of ₦1.52 billion in accrued pension rights to 798 retired employees across various sectors of the public service.
The announcement was made during the 110th Retirement Bond Certificate presentation ceremony, where beneficiaries included retirees from the state civil service, local government councils, the State Universal Basic Education Board, the Teaching Service Commission and other agencies.
Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the funds would be transferred into the Retirement Savings Accounts of the retirees through their Pension Fund Administrators.
He noted that Governor Babajide Sanwo-Olu has continued to prioritise the welfare of retired workers by ensuring steady release of pension entitlements since the adoption of the Contributory Pension Scheme in the state.
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Obilana encouraged the beneficiaries to seek professional advice on fund management and to maintain healthy living as they transition into retirement.
Retiree representatives commended the government for sustaining regular disbursement and expressed appreciation for the transparent pension process.
According to LASPEC, Lagos has so far disbursed more than ₦135 billion to over 33,000 retirees under the scheme, making it one of the most consistent states in pension administration.