Inside Nigeria

Lagos Pays N2bn Pension Arrears to 644 Retirees

Lagos State government has paid N2 billion as pension arrears to another 644 retirees during its 101st retirement bond certificate presentation.
The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, described the certificates as more than just financial rewards.

He said: “They represent the trust and confidence we have in our retirees. They are a testament to the lasting impact you have made. Your dedication has been the bedrock of the goal of a Greater Lagos, and your hard work has set a high standard for those who will carry the state forward.”

Obilana also reiterated the government’s commitment to paying the backlog of pension arrears.

He stated: “We have just paid for 2022 and so we are just one year behind. If we continue at this rate, we should soon be up to date with payment, latest by the middle of next year. The governor has shown intention to pay and he will fulfill his word.

“It is also instructive for the retirees to decide which investment options best suits them. They should decide whether they want program withdrawal or annuity by considering their circumstance and finding what best suits their purpose. They should be extra careful with whatever investment proposal that comes their way.”

Permanent Secretary in the Ministry of Establishment and Training, Olawale Musa, stressed the government’s readiness to offset the backlogs of pensions. She also urged retirees to keep a balanced lifestyle and manage, knowing well that life in retirement is different from life during service.

She said: “We’ve been contending with these backlogs and so we promise to clear them very soon. We also want to ensure that retirees get their benefits within one or two weeks of retirement.

A beneficiary, Abimbola Owolabi, the retired principal of Babs Fafunwa Millennium Secondary School thanked the government for honouring its word. I appreciate God almighty for giving us the opportunity to be part of this presentation. Many started with us but not all are collecting today. I just want to thank everyone who worked to make this a reality.”


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