Lagos disburses N16.6bn in pension benefits to 5886 retirees

Business a.m.

The Lagos State government has paid a total of N16.6 billion in pension benefits to 5,886 retired civil servants in the past year.

Afolabi Ayantayo, Lagos State commissioner for establishments and training, made this known  at the just concluded ministerial press conference in Alausa, Ikeja, noting that the money was paid to the retirees through the Lagos State Pension Commission (LASPEC) under the Contributory Pension Scheme (CPS).

Ayantayo also provided additional insight into the government’s pension disbursements, revealing that since May 2019, the Lagos State Government has paid a total of N63,702,967,870.37 (over N63 billion) in pension benefits to 19,814 retirees, spanning various sectors including mainstream government services, local government, and government-owned corporations.

He said, “Governor Sanwo-Olu has made significant progress in tackling backlogs. From February 2023 to April 2024, his administration paid N16,631,759,666.02 to 5,886 retirees.”

Ayantayo revealed the most recent pension disbursements made by the Lagos State Government, citing specific figures from February, March, and May 2024.

The commissioner disclosed that in February 2024, N3.1 billion was distributed to 1,013 retirees, followed by N4 billion paid out to 1,455 retirees in March 2024. In May 2024, the government approved the payment of N4.5 billion to retirees, in line with Governor Babajide Sanwo-Olu’s pledge to progressively clear the backlog of pension benefits owed to retired civil servants.

He also touched on the issue of pension increments, noting that in January 2024, the Lagos State Government implemented a review of pension benefits for retirees under the Defined Benefit Scheme (DBS).

This review, which followed federal directives, involved applying various percentage increases to individual pension amounts. According to Ayantayo, the adjustment was approved by Governor Sanwo-Olu, with an allocation of N109,913,751.48 to support pensioners from the civil service, teaching service, and local government sectors.

In addition to these financial matters, Commissioner Ayantayo highlighted the significant strides made by the Lagos State Government in the area of employee training and development.

Ayantayo noted that since the introduction of the Learning Management System (LMS) in 2020, the state government has been able to train over 60,000 employees each year, representing a significant improvement in the delivery of professional development and training programs to its workforce.

The commissioner pointed out that this technology-driven approach to employee training has helped enhance the skills and knowledge of the state’s public servants, ultimately contributing to improved performance and productivity across various sectors.