Lagos State Governor, Babajide Sanwo-Olu, has fulfilled his promise to settle all outstanding pension liabilities, presenting pension bond certificates worth N4.5 billion to 2,000 retirees. This milestone marks a transition to a “Pay-As-You-Go” pension administration, ensuring retirees receive their benefits immediately after retirement.
Sanwo-Olu launched a special health insurance scheme for all living retirees, providing access to medical services. The Governor emphasized the State’s commitment to the welfare of current and former employees, recognizing their dedicated service.
Since 2004, Lagos State has paid N141.2 billion to 35,191 retirees, with N59.7 billion paid to 17,039 retirees in the last five years. The new “Pay-As-You-Go” template ensures comfortable and dignified retirement for seniors.
The Head of Service, Mr. Olabode Agoro, and Commissioner for Establishment and Training, Mr. Afolabi Ayantayo, praised the Governor’s dedication to recognizing the invaluable service of retirees. The retirees expressed their appreciation with a special prayer session and celebratory dance with the Governor.
