Lagos, Sept. 13, 2024 (NAN) – The Lagos State Government has disbursed a total of N304 million in accrued pension rights to 148 retirees from the state’s public service, further fulfilling its commitment to the “Pay As You Go” pension scheme. This was announced at the 106th bond certificate presentation held in Lagos on Friday.
Thank you for reading this post, don't forget to subscribe!The Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, represented by Mr. Babatunde Yussuf, Director of the Technical Department, highlighted that the beneficiaries included individuals who retired earlier this year as well as those who were previously delayed due to incomplete documentation.
Obilana commended Governor Babajide Sanwo-Olu for honoring his pledge to ensure the prompt payment of pensions, noting that the N304 million disbursement was part of the governor’s ongoing effort to ensure retirees receive their benefits in a timely manner.
“The Lagos State Government has disbursed a total of N303,714,040.43 to 148 retirees under the ‘Pay As You Go’ scheme,” Obilana said. He emphasized that timely pension payments will continue as long as retirees complete the necessary documentation.
He urged civil servants to begin the pension documentation process at least six months before their retirement to avoid delays. Proper documentation, he noted, is critical to ensuring the smooth processing of pension payments.
Obilana also advised retirees to invest their pension funds wisely, warning them to be cautious of fraudulent schemes given the challenging economic conditions.
Responding on behalf of the retirees, Mr. Sonubi Alabi, a retired Director from Lagos State’s public service, expressed gratitude for the successful disbursement. He lauded Governor Sanwo-Olu for addressing backlogs and establishing an improved pension structure, ensuring that retirees receive their payments without undue delays.
“I am aware that among us receiving our bond certificates today are individuals who retired as recently as February, and even two months ago. This demonstrates a new era for Lagos State retirees,” Alabi said, encouraging future administrations to maintain this efficient payment system.
The event underscored the Lagos State Government’s ongoing commitment to supporting retirees and ensuring they receive their pension benefits promptly and efficiently.
