Ambode pays N37.546bn pension arrears of 9,045 retirees

The Lagos State Pension Commission (LASPEC) revealed that Governor Akinwunmi Ambode of Lagos State has paid a total of N37, 546 billion to pensioners since 2015.

The Director-General of LASPEC, Mrs Folashade Onanuga, in a statement in Lagos on Sunday, narrated that the figure represented the total pension paid to 9,045 retirees in the state.

The LASPEC Director-General said the governor released N859, 059 million to offset the Accrued Pension Rights of 158 retirees under the Contributory Pension Scheme (CPS) in May.

She said earlier that N859, 059 million was paid to 158 Public Service retirees, bringing the total pension paid by the governor since assumption of office to N37, 546 billion.

She explained that the governor had been releasing funds every month to off-set the backlog of pension to Lagos retirees.

She maintained that despite the high funding obligations of the current pension scheme, the government was committed to offsetting the backlog of pension, and would soon commence payment to 2016 retirees.

Onanuga disclosed that the government was fine-tuning the process of rolling out benefits that would make life easier for retirees. She encouraged beneficiaries to study the process properly.

“I, however, implore the retirees to study leaflets distributed by the state government on Annuity and Programmed Withdrawal for receipt of monthly pension entitlements, before picking their choice,” she said.