Lagos Approves N13bn Pension Bailout

Lagos State Government says it approved N13bn pension bail in the 2020 budget, and released N1.92bn for the payment of accrued pension rights.

A statement said this was disclosed during the 71st batch retirement bond certificates presentation ceremony to 444 retirees of the Lagos State Public Service.

The Director- General, Lagos State Pension Commission, Mrs Folashade Onanuga, stated that from inception of the Contributory Pension Scheme, the state government complied with the financial obligation demanded by the scheme as it related to monthly funding of Retirement Savings Account, and payment of death benefits to employees who die in service.

She said the number of beneficiaries and amount involved were the biggest so far in the payment of accrued pension rights.

Onanuga said that the state governor, Mr Babajide Sanwoolu’s administration, approved N13bn pension bail in the year 2020 budget, and increased the redemption funding rate from five per cent to 10 per cent of total emolument of active workers.

The DG said she was optimistic that the monthly payment of entitlement to retirees would continue in the state, so that the issue of retirees waiting for months before being paid would soon be a thing of the past.

She advised the retirees to be prudent with their spending and be aware of their health status so they could live a healthy long life because there were different ailments that came with old age.