Lagos pays retirees N50.7bn over a four-year period

On Thursday, the Lagos State Government announced that it has paid 13,928 retirees approximately N50.7 billion in benefits since 2019.

During the 100th Retirement Bond Certificate Presentation Ceremony, which was held by the Lagos State Pensions Commission at Ikeja, the Commissioner for Establishments, Training, and Pensions, Mrs. Ajibola Ponnle, said this.

Ponnle stated that the payments were provided to retirees in the mainstream, local government, State Universal Board, Teaching Service Commission, and other state parastatals. He was represented by Mr. Olawale Musa, the Permanent Secretary, Office of Establishments and Training.

She said that the state government has deposited N5 billion in accumulated pension rights together with the monthly payments of 1,768 pensioners into their retirement savings accounts.

She claims that the current administration has consistently met its pension commitments to pensioners, preserving a leadership position in the Contributory Pension Scheme’s administration in the process.

The giving of the Bond Certificates, according to Ponnle, was a symbol of the state’s integrity in fulfilling its promises to retirees.

She said the government appreciated the retirees’ hard work and dedication when they were in the military.

According to Ponnle, the creation of the Contributory Pension Scheme was motivated by the realisation that retirees’ retirement benefits must be protected.

She stated that the current government was now putting certain measures, based on international best practises, into place to lessen post-retirement financial challenges.

The commissioner declared that the state’s leadership was dedicated to creating a setting that was safe and secure for all citizens.

In order to improve the standard of living for all citizens, Ponnle also stated that the state government will keep raising the bar. (NAN)