Lagos govt. pays N1.3bn to another set of retirees

Lagos govt. pays N1.3bn to another set of retirees

The Lagos State Government has paid more than N1.3 billion into the Retirement Savings Accounts (RSAs) of 246 retirees in the state’s public service for October.


Mr Babalola Obilana, the Director-General of Lagos State Pension Commission (LASPEC), made this known via a statement on Sunday in Lagos.


“A total of one billion, three million, three hundred and seventy-four thousand, three hundred and seventy-two naira, sixty-eight kobo was paid,” he said.


Obilana said that the beneficiaries, included employees from the mainstream service, Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatal agencies of the state government.


He stressed that Gov. Babajide Sanwo-Olu’s administration had consistently paid the monthly entitlements of retirees and the backlog of some unpaid pensions which it inherited from previous administrations.


The director-general congratulated all the retirees for rendering meritorious service to the state.


Obilana said that in spite of the state of the nation and aftermath of the global COVID-19 pandemic, the state government, in line with its vision of a greater Lagos and its commitment to promoting the welfare of retirees, ensured the prompt payment of pension entitlements.


“This shows the commitment of Gov. Sanwo-Olu to the welfare of the pensioners in the state,” he added.


Obilana informed the retirees of the two payment options, available for accessing their monthly pension entitlements, which were the Programme Withdrawal and Life Annuity.


He urged the retirees to understand the details of the two options and choose the most appropriate option which was suitable for them.

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