- Lagos Pension Payments Hit N92bn as Sanwo-Olu Settles Retirees’ Benefits
- Pays N4bn to 1,862 Retirees in 2026
- Over 25,000 Lagos Retirees captured since 2019
The Lagos State Government has paid N92 billion in accrued pension rights to more than 25,000 retirees since Governor Babajide Sanwo-Olu assumed office in May 2019.
Eko Hot Blog reports that the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this in a statement on Monday, saying the payments were part of the administration’s efforts to settle pension obligations and improve the welfare of retired public servants.
EDITOR’S PICK
- Dabiri-Erewa Celebrates ‘London Bus Aunty’ Over London Transport Honour
- 2027: Tinubu Charges APC Campaign Council to Showcase Achievements, Defeat Opposition
- Lagos Explains Delay in Replacing BRT Buses Destroyed During #EndSARS
Obilana said the administration cleared the outstanding backlog of accrued rights under the Contributory Pension Scheme with a landmark N5 billion payment to 1,963 retirees in July 2024.
He explained that accrued rights cover the gratuity and pension benefits owed to retiring public servants.
According to him, Lagos State has paid a total of N168.2 billion to more than 48,000 retirees since 2007, with a significant portion of the payments made under the current administration.
He added that the government increased pension contribution rates in 2020 to 10 per cent for employers and 8 per cent for employees to strengthen workers’ financial security after retirement.
The LASPEC boss also said the government introduced expedited gratuity payments for sick pensioners, while pension benefits continued to be paid into retirees’ Retirement Savings Accounts.
He said LASPEC also organises welfare programmes twice a year to support retirees and help them cope with rising living costs.
Obilana disclosed that the government had continued its pension payments in 2026, with more than N4 billion already paid to 1,862 retirees.
He added that another N1 billion was scheduled to be paid to about 700 retirees the following week.
Obilana said the sustained payments demonstrated the Sanwo-Olu/Hamzat administration’s commitment to protecting the welfare and dignity of retired public servants.
He added that the clearance of the CPS backlog had further strengthened Lagos State’s position in pension administration.
FURTHER READING
- ‘Irregular Migration Is Voluntary Suicide’ – Dabiri-Erewa Warns Nigerians
- ‘Kill Him!’ Disu Reveals Shocking Request From Retired Soldier Over Son
- Sanwo-Olu Presents Staff of Office to New Onise of Ise Kingdom
Click here to watch video of the week
