Lagos Pays N1.13bn Retirement Benefits To 732 Retirees

The Lagos State Government has disbursed N1.13 billion in retirement benefits to 732 retirees from various agencies and institutions across the state.

The beneficiaries received their Retirement Benefit Bond Certificates at the 116th Retirement Benefit Bond Certificate Presentation Ceremony organised by the Lagos State Pension Commission (LASPEC) on Friday, September 4, at NECA House, CBD, Alausa, Ikeja.

The state government disclosed this in a statement posted on its official X handle on Saturday.

A total of N1,132,116,929.16 was disbursed to the retirees drawn from the mainstream civil service, local governments and Local Council Development Areas, Lagos State Universal Basic Education Board (LASUBEB), Teaching Service Commission (TESCOM) and other state government parastatals.

The government said the payment was part of its efforts to ensure prompt settlement of retirement benefits for former public servants.

It noted that LASPEC had sustained its sensitisation and documentation programmes aimed at ensuring that retirees receive their benefits without unnecessary delays.

According to the statement, the programmes had “completely eradicated the era of delayed payment of retirement benefits in Lagos State.”

The government described the latest presentation as another demonstration of Governor Babajide Sanwo-Olu’s administration’s commitment to the welfare and wellbeing of senior citizens.

It also reaffirmed Lagos State’s position as a leader in pension administration and public service management.

“Lagos remains the benchmark for pension administration in Nigeria,” the statement said.

The government added: “Lagos State has consistently demonstrated leadership in Public Service administration. We don’t just raise the bar of excellence; we sustain it.”

The presentation ceremony brought together retirees from different arms of the state public service who benefited from the retirement bond payment.