Lagos State Government Clears ₦4.46 Billion Pension Backlog
Lagos State Governor Babajide Sanwo-Olu announced a significant development in the state’s pension administration, clearing all pension backlogs with a payment of ₦4,461,659,536.82 to 2,000 retirees. This follows a previous payment of ₦3.1 billion to 1,013 retirees in February, fulfilling a promise to settle all arrears and current pension liabilities.
In a tweet from his official X page, Sanwo-Olu stated, “Today, we effectively cleared all pension backlogs in Lagos State with the payment of ₦4,461,659,536.82 to 2,000 retirees. In February, we paid ₦3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities, and that promise has been fulfilled today.”
Since the inception of his administration, Sanwo-Olu highlighted that a total of ₦68,164,627,407.21 has been paid into the Retirement Savings Accounts (RSAs) of retirees across various sectors, including the Mainstream, Local Government, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other Parastatals of the State Government.
“Employees of the Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement, as Lagos State continues to lead in pension benefits administration with a Pay As You Go template,” Sanwo-Olu added, emphasizing the state’s focus on ensuring timely and full pension payments.
Sanwo-Olu also underscored the importance of prioritizing the welfare of retired workers. “Prioritizing the welfare of our retired workers is not just an obligation; it is a commitment we must fulfill in order to shape our legacy as a state,” he said.
In addition to clearing the pension backlog, the Governor announced the launch of a Health Insurance Scheme specifically designed for retirees. This scheme aims to provide access to a wide range of medical services, including routine check-ups and specialized treatments, enhancing the overall well-being of retirees.
“This initiative underscores our commitment to the well-being of our retirees, ensuring that they receive not only what is due statutorily but also additional support and assistance to enhance their lives in retirement,” Sanwo-Olu noted.
Sanwo-Olu commended the efforts of the Lagos State Pension Commission, particularly the Director-General, Mr. Babalola Obilana, and his team for their dedication and professionalism in managing the state’s pension system.
“Well done to the DG of the Lagos State Pension Commission, Mr. Babalola Obilana, and his team for their continued dedication and professionalism,” Sanwo-Olu concluded.
