BY NKECHI NAECHE-ESEZOBOR–The Lagos State Government on Saturday said it spent a total of N35.7 billion on accrued rights to 9,200 retirees between May 2019 till date.
The governor who was represented by the Commissioner for Establishment, Training and Pensions, Ajibola Ponnle, disclosed this during the 90th bond presentation ceremony held in Lagos, that this is not obtainable in other neighboring states.
According to him some neighboring states have not paid pension in the past 13years, this is not the same in Lagos.
“Lagos might have little backlog but under the directive of the governor we have ensure that by funding of the redemption bond account to N1billion every single month by the end of his first term administration we would have cleared all backlog of accured right that we are owing our pensioners.”
He noted that at the 89th bond certificate the state government paid in excess of N34billion to the retirement savings account of retirees, noting that as at today 8,772 retirees are still enjoying their benefits.
“Am delighted to inform you that today, another set of 421 Retirees will smile home with a sum of N1,529,466,823.87 (One Billion, Five Hundred and Twenty-Nine Million, Four Hundred and Sixty-Six Thousand, Eight Hundred and Twenty-Three Naira, Eighty-Seven Kobo only). This amount has already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs) in addition to their monthly Contributions.
He added that “With such commitment and performance, it is not surprising that retiring officers in the Lagos State Public Service now look forward to retirement with more confidence and joy.”
He further assured that the Lagos State Government through LASPEC will continue to ensure that Public Service retirees not only get what is due to them statutorily, but also continue to receive, through other Agencies and programmes, additional support and assistance that will add value to their lives in retirement.
“I will continue to run an open Government of inclusion that will ensure no one is left behind. No matter your gender, sex, tribe or special needs as long as you reside in Lagos, we will make Lagos work for you.
“Lagos State has continued to be the leading light, not only in the administration of pension benefits but generally in good credible Governance.
“We must all therefore be determined to contribute to the change that is much expected to bail our country out of her present situation and make life worth living for everyone.”
He also assured that come 2022 his administration will kick start free health insurance and free transportation for Lagos retirees.
Earlier in a welcome address, the Director General LASPEC, Babalola Obilana, said since the inception of the Contributory Pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the Scheme.
He affirmed that the State Government has consistently prioritized pension contributions in the Annual State Budget and “we are happy to note that Lagos State does not owe monthly pension contributions as both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.”
He explained that the Commission in line with its role as the regulatory body for pension matters in the State is constantly reviewing its business processes to ensure the financial freedom of Public Service retirees.
“Last year, we launched the Retirement Savings Account (RSA) Transfer System (transfer window) by the National Pension Commission which permits RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another once a year.
“This year, the Commission is facilitating the review of the Lagos State Pension Reform Law to eradicate bottlenecks in the processing of retirement documents and hasten access to pension benefits. This is in line with our commitment to the provision of first class services to our retirees who have given their best to the development of our dear State.”