Gov. Babajide Sanwo-Olu of Lagos State, on Saturday said the state Government has paid over N34 billion as pension accrued rights under his administration.
Sanwo-Olu said this at the Lagos State Pension Commission (LASPEC) 90th batch mega bond presentation for retirees.
The governor, represented by Mrs Ajibola Ponnle, Commissioner For Establishment, Training and Pension, said 8,707 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) since this administration came to power.
“As at the 89th Bond presentation batch, the state Government had paid a sum of N34,124,218,387.60 into the Retirement Savings Account (RSA) of Retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), the Teaching Service Commission (TESCOM) and other Parastatals of the state government, ” he said.
Sanwo-Olu said the state government had also paid over N1.5 billion into the Retirement Savings Accounts (RSA) of 421 Retirees with their Pension Fund Administrators (PFAs) in addition to their monthly contribution for the month of November.
He said the state government, through LASPEC, would continue to ensure that public service retirees get what was is due to them statutorily.
The governor said the retirees would also continue to receive, through other agencies and programmes, additional support and assistance that would add value to their lives in retirement.
“I will continue to run an open government of inclusion that will ensure no one is left behind.
”No matter your gender, sex, tribe or special needs as long as you reside in Lagos, we will make Lagos work for you.
“Lagos State has continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance.
“We must all therefore, be determined to contribute to the change that is much expected to bail our country out of its present situation and make life worth living for everyone,” he said.
Sanwo-Olu wished the retirees God’s guidance and better life in retirement.
In his opening address, Mr Babalola Obilana, Director-General, LASPEC, said the commission is constantly reviewing its business processes in line with its role as the regulatory body for pension in the state.
Obilana said this was to ensure the financial freedom of public service retirees.
“The commission is facilitating the review of the Lagos State Pension Reform Law to eradicate bottlenecks in the processing of retirement documents and hasten access to pension benefits.
“This is in line with our commitment to the provision of first-class services to our retirees who have given their best to the development of our dear state,” he said.
Obilana said that since the inception of CPS in Nigeria, Lagos state has remained focused and resolute to the ideals of the scheme.
He noted that the state government has consistently prioritised pension contributions in the annual state budget and does not owe monthly pension contributions.
“Both employee and employers’ contributions are remitted promptly into individual employee’s RSA’s after salaries are received,” he said.
The LASPEC boss enjoined the retirees to take very good care of themselves and always remember that ‘health is wealth.’
In his remark, Hon. Yinka Ogundimu, Chairman, House Committee on Establishment and Pension, said the House passed the Lagos State Pension Reform bill to the Governor for assent within the week and was hopeful this would be done shortly.
Ogundimu said the bill would make processing of accrued rights easier and faster for the retirees and LASPEC.
He advised the retirees not to rush into any investment before seeking counsel from qualified professionals and wished them the best in their new phase of life.