The Lagos State Government has revealed that it has paid out a total of N138.1 billion in accrued pension rights to 34,178 retirees since the inception of the Contributory Pension Scheme (CPS) in 2007. This disclosure was made by Governor Babajide Sanwo-Olu during the 103rd Bond Retirement Bond Certificates Presentation organized by the Lagos State Pension Commission (LASPEC).
Governor Sanwo-Olu highlighted that since assuming office in May 2019, his administration has injected N56.552 billion into the Retirement Savings Accounts (RSAs) of 16,026 retirees from various sectors, including mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other state government parastatals. He expressed contentment with the significant progress achieved, emphasizing the administration’s commitment to establishing a “Pay As You Go” model before the end of his tenure, while also reiterating the state’s dedication to clearing the backlog in paying accrued rights.
