Lagos State Pays ₦‎740 Million To Retirees

Lagos, Nigeria – Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), confirmed that the Lagos State Government has disbursed N740 million in accrued pension rights to 348 retirees. This payment covers past service benefits earned before the Contributory Pension Scheme (CPS) was introduced in 2007.

He highlighted the state government’s dedicated efforts to streamline pension processes, with a strong focus on transparency, efficiency, and long-term sustainability. Obilana praised Governor Babajide Sanwo-Olu’s commitment to fulfilling pension obligations on time, a priority that has significantly improved the quality of life for many retirees. This proactive approach, he noted, reflects the administration’s dedication to recognizing and supporting those who served the state.

LASPEC has actively engaged in public awareness campaigns to educate current employees and retirees about the CPS and the necessary documentation for smooth retirement benefit processing. Financial literacy workshops have also been organized to empower retirees to make informed financial decisions.

In addition to pension payments, the Lagos State government has implemented various welfare programs for retirees, including free health insurance and subsidized public transportation.

The recent payment of accrued pension rights signifies the state government’s dedication to the well-being of its retired workforce.