An additional group of 754 retirees received N2.54 billion in pension benefits from the Lagos State Government. This information was released over the weekend at the presentation of the 98th batch of retirement benefit bond certificates in Lagos by the state’s governor, Mr. Babajide Sanwo-Olu.
Sanwo-Olu stated that the bond certificates with a total value of N2.54 billion and other monthly contributions have already been deposited into the 754 retirees’ respective retirement savings accounts with the pension funds administrations. Sanwo-Olu was represented at the event by the Secretary to the State Government, Mrs. Folashade Jaji (PFA).
The governor said that since the contributory pension program’s commencement, when N125.96 billion in benefits were paid to 29,519 retirees, this payout is the biggest one that the state government has ever given.
Sanwo-Olu thanked the retirees for their contribution to the state and said the occasion demonstrated the state government’s dedication to the welfare of working citizens as well as those who had retired after years of public service.
“In recognition of our commitment to the administration of pension benefits, Lagos State emerged as a top performer in pension payment among other polity indices of the contributing pension scheme this year,” he said.
The state government has consistently given pension contributions priority in the yearly state budgets, according to Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission. He also claimed that the PFAs receive the full amount of monthly pension contributions made by both the employer and the employee.
According to him, the state government has paid 3, 481 retirees a total of N11.4 billion since January 2022.
The Lagos State Pension Commission, according to Obilana, is continually examining business procedures to assure the financial security of public service retirees. The commission serves as the state’s regulating body for pension concerns.
According to him, the commission finished its examination of the Lagos State Pension Board this year to make sure the retirement responsibilities are effectively secured and examined all pension funds administrators and annuities service providers registered with the state to guarantee compliance with the CBS.
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