The Lagos State Pension Commission (LASPEC) has disbursed a total of ₦1.52 billion to 798 retired public servants in a move that underscores Governor Babajide Sanwo-Olu’s commitment to their welfare.
The retirement bond certificates were presented at the 110th Batch Retirement Bond Certificate Presentation Ceremony, which was held at Alausa, Ikeja, on Monday.
The Director-General of LASPEC, Mr. Babalola Obilana, confirmed that the gesture is a testament to the government’s dedication to ensuring retirees receive their entitlements without delay.
He noted that Lagos operates a “pay-as-you-go” pension system, which enables the prompt settlement of funds as soon as a retiree’s documentation is complete.
Mr. Obilana said the Lagos State pension system is considered one of the most efficient and well-managed in the country.
He also thanked Governor Sanwo-Olu for his constant support in ensuring timely pension obligations are met.
The total amount disbursed covers the retirees’ past service benefits before the commencement of the Contributory Pension Scheme (CPS) in 2007.
Speaking on behalf of the retirees, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka expressed their gratitude, describing the bond as timely and life-changing.
They commended the government for keeping its promise to senior citizens and urged the administration to sustain and improve the system for future pensioners.
