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Lagos State Honors Retirees with N3.1 Billion Retirement Bond Certificates

Lagos State Honors Retirees with N3.1 Billion Retirement Bond Certificates

Lagos State Governor, Mr. Babajide Sanwo-Olu, presented N3.1 billion to 1,013 retirees during the 103rd Batch Retirement Bond Certificate Presentation.

This gesture serves as recognition for their unwavering dedication to the state.

The event, which highlighted the administration’s commitment to retirees’ welfare, also celebrated the continued payment of monthly contributions into their Retirement Savings Accounts (RSAs) with Pension Fund Administrators.

Since assuming office, Governor Sanwo-Olu’s administration has disbursed a remarkable sum of N56,551,761,900.88 into the RSAs of 16,026 retirees from various government sectors including Mainstream, Local Government, State Universal Basic Board (SUBEB), and Teaching Service Commission (TESCOM).

In the upcoming month, an additional N4 billion is slated for disbursement, reinforcing Lagos State’s leading position in pension benefits administration.

Acknowledging the administration’s efforts, the Y2024 Africa Brand Awards bestowed special recognition, affirming Lagos State’s gold standard in employee welfare.

The Lagos State Pension Commission was commended for their dedication and professionalism in managing pension affairs.

Governor Sanwo-Olu extended heartfelt congratulations to the retirees, emphasizing the significance of their hard work.

He reaffirmed the administration’s commitment to an inclusive and elevated governance model, epitomized by the transition towards a “Pay As You Go” system.

The event underscored Lagos State’s unwavering dedication to its retirees and its position as a trailblazer in pension benefits administration.

Back Story

The Lagos State government has disbursed a total of N57.7 billion in pension benefits to 16,340 retirees since the commencement of Governor Babajide Sanwo-Olu’s administration in May 2019.

The disclosure came from Mr. Afolabi Ayantayo, the Commissioner for Establishments, Training, and Pension, during the 102nd Retirement Presentation held by the Lagos State Pension Commission (LASPEC) in Lagos on Tuesday.

This was contained in a report filed by REPORT AFRIQUE on the 10th of January 2024.

This Article is Fact-Checked. See Policy.
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