Lagos State Governor, Babajide Sanwo-Olu, has made a firm commitment to clear all outstanding pension debts owed by the state by April. This announcement came during the 103rd Bond Retirement Bond Certificates Presentation, an event organized by the Lagos State Pension Commission (LASPEC) in Lagos.
In his speech, Governor Sanwo-Olu detailed the state’s plan to alleviate the financial burdens faced by its retirees. Following a February disbursement of N3.20 billion into the Retirement Savings Account (RSA) of 1,013 retirees, the governor stated that the government would allocate N4 billion in March and an additional N3 billion in April to fully settle the pension backlog.
The governor also highlighted the state’s initiative to provide a one-year health insurance premium cover for the 1,013 retirees under the Ilera Eko Health Insurance Scheme, showcasing a comprehensive approach to supporting retirees beyond the pension payments.
Acknowledging the challenges in keeping up with the accrued rights payments, Sanwo-Olu expressed his administration’s dedication to systematically addressing and eliminating the backlog. “I am pleased to announce that we have made substantial progress in this regard, and I am confident that before the end of my tenure, our aspiration for a ‘Pay As You Go’ model will be realized,” he said, projecting a future where pension benefits are promptly disbursed.
Under Sanwo-Olu’s leadership, Lagos State aims to set a precedent in pension administration and governance, ensuring that retirees receive their statutory dues and additional support to enhance their post-retirement life. This commitment was echoed by Mr. Babalola Obilana, the Director General of LASPEC, who praised the governor’s consistent efforts towards settling accrued pension rights and prioritizing staff welfare.
Obilana also took the opportunity to advise retirees on financial management during retirement, emphasizing the importance of choosing between program withdrawal and annuity options that best suit their financial objectives. He reassured that LASPEC is dedicated to improving its services and regulatory functions to benefit public service retirees.
Mrs. Adetokunbo Eko, a retired Assistant Director and former Head of Public Affairs unit at LASPEC, spoke on behalf of the retirees, expressing gratitude towards the state government for its unwavering commitment to the welfare of its employees and pensioners. She attributed the state’s progress to this steadfast commitment.
Governor Sanwo-Olu’s pledge to clear the pension backlog by April has been met with optimism, as it promises to bring relief to many retirees awaiting their dues. This move is seen not only as a step towards fulfilling the government’s obligations but also as an effort to enhance the quality of life for those who have served the state, reinforcing Lagos’s reputation for credible governance and compassionate leadership.
