Lagos State Governor Babajide Sanwo-Olu has paid another N4.5 billion to 2,000 retirees in the 105th and last retirement bond certificate presentation.
The governor, during the 103rd presentation of bond certificates, promised to settle all arrears and current pension liabilities in the public service by middle of the year. He fulfilled the promise yesterday.
This implies the government owes no outstanding pension benefits, and civil servants will henceforth get their full pension benefits and gratuity immediately after retirement.
The governor also launched a special health insurance scheme for all living retirees, who served the state.
He said: “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).”
The governor said Lagos was the first to embrace Contributory Pension Scheme (CPS) when it began in 2004, noting that the government has paid N141.2 billion to 35,191 retirees to date.
