Governor Babajide Sanwo-Olu of Lagos State says his administration has paid not less than N125 billion to 29,518 retirees since the inception of the Contributory Pension Scheme (CPS) in 2004.

Mr Sanwo-Olu, represented by Folashade Jaji, Secretary to the State’s Government (SSG), said this while delivering a keynote address at the 98th Batch Retirement Bond Certificate Presentation to the state’s retirees.

The event was organised by the Lagos State Pension Commission (LASPEC) in Lagos.

Mr Sanwo-Olu stated that the state government had also paid over N47 billion into the Retirement Savings Accounts (RSAs) of its retirees since the advent of his administration in 2019.

He noted that 12,642 retirees from the state’s Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals were enjoying their retirement benefits under CPS in the state.

“The Lagos State government has paid 125,996,687,159.13 to 29,518 retirees since the advent of CPS and N47,050,805,734.16 to its retirees since the inception of my administration,” he said.

According to him, the state paid less than N2,522 billion into the RSAs of another set of 755 retirees for December.

Sanwo-Olu added, “This is alongside their monthly contributions, which have already been remitted into their respective RSAs with the Pension Fund Administrators (PFAs).”

“We are not unaware of the backlog in the payment of accrued rights, but we are focused on the intentional and strategic eradication of this backlog.”

He said that despite the challenges faced, Lagos State had continued to be the leading light in the administration of pension benefits and generally in good credible governance.

“Lagos State emerged as the top performer in pension payments among other quality indices of the CPS this year,” he added.

The governor said the state would continue to ensure that public service retirees would not only get what was due to them statutorily but also receive support and assistance that would add value to their lives in retirement through other agencies and programmes.

Mr Sanwo-Olu promised that his administration would continue to run an open government that promoted diversity and inclusion.

In her address, Ajibola Ponnle, Commissioner for Establishments, Training And Pensions, said the accrued pension right paid by the state government between 2019 and till date was the highest paid by any state government.

In his welcome address, director-general, LASPEC, Babalola Obilana, said since the inception of CPS in Nigeria, Lagos State has remained focused and committed to the ideals of the scheme.

(NAN)