Lagos State Disburses Over N63 Billion in Pension Benefits to Retirees

The Lagos State Government has announced the disbursement of over N63 billion in pension benefits to 19,814 retirees over the past five years.

This was revealed by the Lagos State Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, during the Y2024 Press Briefing at the Bagauda Kaltho Press Centre, Alausa, commemorating the first year of Governor Babajide Sanwo-Olu’s second term in office.

Detailed in a statement on the Lagos State official website, this announcement underscores the administration’s commitment to retirees’ welfare.

“The Administration of Governor Babajide Sanwo-Olu has paid over N63 billion as pension benefits to 19,814 retirees of the State in the last five years,” the statement read.

Ayantayo also disclosed that the State Government implemented a pension review under the Defined Benefit Scheme in January 2024. With the Governor’s approval, over N109 billion was allocated for this adjustment, following the Federal Government’s directive. The review involved applying various percentage increases based on individual pension amounts.

Furthermore, Ayantayo highlighted significant progress by Governor Sanwo-Olu in addressing backlogs of outstanding pension benefits and implementing a Pay-As-You-Go model for future retirees. Between February 2023 and April 2024, the Lagos State Government has paid over N16 billion to retirees. The state government has ensured that the processing and payment of retirees’ benefits are promptly handled by Pension Fund Administrators (PFAs).

To address issues with PFAs, the state government introduced Complaint Forms for retirees and redesigned the Inspection Report to include performance ratings for PFAs and Annuity Service Providers.

Additional measures proposed include that Annuity Service Providers create an emergency/best friend phone number and an Annuitant forum for retirees in Lagos State. Furthermore, WhatsApp groups for Ministries, Departments, and Agencies (MDAs) have been created to facilitate effective follow-up and ensure the prompt payment of retirement benefits.

Ayantayo emphasized that these initiatives reflect the Lagos State Government’s commitment to enhancing the welfare of its retirees. By implementing these measures, the state government aims to create a more efficient and responsive pension system, ensuring that retirees receive their benefits promptly and without hassle.

This holistic approach is designed to provide retirees with the support and resources they need to enjoy a secure and comfortable retirement, reinforcing the government’s dedication to their well-being and financial stability.