The Lagos State Government, under the administration of Governor Babajide Sanwo-Olu, has expended a total of N70,994,464,313.29 to 20,956 retirees of the state from May 2019 to date.

The Lagos State Head of Service (HoS), Mr. Olabode Agoro, disclosed during the 109th Batch Retirement Benefit Bond Certificates presentation ceremony for retirees of the state public service.

Agoro, who was represented by the Permanent Secretary, Office of the Head of Service, Mrs. Olasunkanmi Oyegbola, also announced that the governor had approved an additional N1,534,797,309.32 for the payment of accrued pension rights into the Retirement Savings Accounts of 742 retirees.

According to Agoro,”Since the inception of the Contributory Pension Scheme, CPS, in 2007, Lagos State has maintained its leading role in pension administration and the fulfillment of its obligations to retirees.

“The state government is truly grateful for your service and is committed to protecting your retirement benefits. This commitment reflects our dedication to ensuring that retirees receive their income regularly.

 “Let me take this opportunity to appreciate our amiable Governor, Mr. Babajide Sanwo-Olu, who has ensured the disbursement of over N70.99 billion to 20,956 retirees across the Mainstream Civil Service, Local Government, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals from May 2019 to date.

“The additional N1.53 billion now being disbursed will further support 742 retirees.

“The Retirement Bond being presented today is a token of appreciation and a symbol of our enduring gratitude and respect for the years of hard work, wisdom, and legacy you have built. May God grant you good health to enjoy the fruits of your labour,” he said.

Earlier, the Director-General of LASPEC, Mr. Babalola Obilana, noted that the event was held to honour and celebrate dedicated officers who had served the state with distinction.

He said “These esteemed individuals will be receiving their bond certificates today, enabling them to access their terminal entitlements. 

 “The Retirement Benefit Bond Certificates being presented serve as a symbol of gratitude and respect for your years of dedicated service. They reflect the state government’s commitment to your wellbeing in retirement, just as you devoted your careers to serving Lagos State.”

 “As we gather today, we reflect on the years of service that shaped not only your careers but also the very fabric of our great state. Each task completed, law enforced, policy implemented, and citizen served is a testament to your invaluable contributions.

“Your commitment has laid the foundation upon which our public institutions stand. It is your hard work and sacrifices that have built the strong base of Lagos.

“To all of you present today, your contributions have been immeasurable. Despite numerous challenges, often in demanding environments, you demonstrated resilience, professionalism, and an unwavering commitment to public service.

“Today, we not only celebrate the payment of your retirement benefits but also honour your steadfast dedication to the values that uphold our public service.”

Obilana explained that the N1.53 billion payment covers past service benefits accrued before the implementation of the CPS in 2007.

The Director-General praised Governor Sanwo-Olu and his administration for their unwavering support for pension obligations and for implementing policies aimed at improving the lives of senior citizens.

He also expressed deep appreciation to the LASPEC team for their dedication and efficiency in processing all necessary documentation for the event. 

Obilana recognized the efforts of the Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs) for their continued partnership and support.

“I urge all retirees to take good care of themselves. Health is wealth. Be prudent with your expenses, and may God bless you with long life and good health to enjoy your retirement to the fullest.

Comments

Disclaimer : Comments expressed here do not reflect the opinions of obonte.com or any employee thereof.

No Comment Related To This Post - Add comment