Lagos State Government says it disbursed N138.1 billion in accrued pension rights to 34,178 retirees since introducing the Contributory Pension Scheme (CPS) in 2007.
Governor Babajide Sanwo-Olu disclosed this during the 103rd Bond Retirement Bond Certificates Presentation organized recently by the Lagos State Pension Commission, LASPEC.
Sanwo-Olu said 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.
The governor 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.
He added that the state was committed to eliminating the backlog in paying accrued rights.
Lagos govt paid N138.1bn pensions in seven years
