Lagos State Governor Babajide Sanwo-Olu has disbursed N4.5 billion to 2,000 retirees during the 105th and final retirement bond certificate presentation.
This move fulfills a promise made by the governor during the 103rd bond certificate presentation to settle all arrears and current pension liabilities in the public service by mid-year. The payment ensures that the state government now owes no outstanding pension benefits, allowing civil servants to receive their full pension benefits and gratuity immediately upon retirement.
Governor Sanwo-Olu also launched a special health insurance scheme for all living retirees who served the state.
“Today, we mark the 105th Retirement Bond Certificate presentation and I am pleased to present bond certificates worth N4,461,659,536.82 to 2,000 retirees from our civil service. This development marks a historic milestone as our state’s transition into a new era of Pension Administration known as ‘Pay-As You-Go’. From now on, all retirees of the state government will be paid as they retire, provided all procedures and approvals have been completed before retirement.
“We have strategically prioritised clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the state’s public service. These funds, along with their monthly contributions, have already been remitted into their Retirement Savings Accounts with the Pension Fund Administrators (PFAs).”
Sanwo-Olu noted that Lagos was the first state to embrace the Contributory Pension Scheme (CPS) when it began in 2004, with the government having paid N141.2 billion to 35,191 retirees to date.
