Lagos State Government pays N138.1 billion accrued pension to over 34,000 retirees 

Taiwo Ajayi
3 Min Read
Babajide Sanwo Olu

The Lagos State Government has disbursed a total of N138.1 billion as accrued pension rights to 34,178 retirees since the introduction of the Contributory Pension Scheme (CPS) in 2007.  

Governor Babajide Sanwo-Olu revealed this during the 103rd Bond Retirement Bond Certificates Presentation organized by the Lagos State Pension Commission (LASPEC) in Lagos. 

The disbursement  

  • Governor Sanwo-Olu disclosed that his administration, which commenced in May 2019, has injected N56.552 billion into the Retirement Savings Accounts (RSAs) of 16,026 retirees across various sectors, including mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other state government parastatals. 

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  • Addressing the gathered audience, the governor emphasized the state government’s focus on eliminating the backlog in the payment of accrued rights. Sanwo-Olu expressed satisfaction with the substantial progress made, assuring that the administration aims to achieve a “Pay As You Go” model before the end of his tenure. 
  • The governor commended the Lagos State Pension Commission, noting its recognition at the 2024 Africa Brand Awards and the 2024 Africa Public Sector Leadership Awards, where LASPEC received the gold award for Best Employee Welfare Pension Company of the Year.  
  • Mr. Babalola Obilana, the Director-General of LASPEC, was honored as the Pensions Personality of the Year. 

Sanwo-Olu reiterated the government’s commitment to the welfare and well-being of all employees in active service or retired, emphasizing inclusivity and diversity.  

AIHS 2024
AIHS 2024

Despite challenges in the operating environment, the governor affirmed Lagos State’s leadership in pension payments and credible governance. 

In a goodwill message, Mr. Bode Agoro, Head of Service, Lagos State, expressed gratitude to Governor Sanwo-Olu for unwavering commitment to staff welfare. Agoro assured retirees of the state government’s continuous dedication to implementing policies supporting the well-being of senior citizens. 

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The retirees, represented by Mrs. Adetokunbo Eko, a retired Assistant Director and former Head of Public Affairs Unit, LASPEC, commended the state government for prioritizing the welfare of its staff and pensioners.  

Eko acknowledged the government’s contribution to the progress of Lagos State and expressed hope for the resolution of outstanding accrued pension, wishing fellow pensioners a healthy and accomplished retirement. 

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