Lagos pays N1.3 billion into the RSA of 246 retirees

Lagos State Government (LASG) has paid about N1.3 billion into the Retirement Savings Account (RSA) of 246 retirees in the state’s public service for the month of October.

According to a report from the News Agency of Nigeria (NANS), the disclosure was made by the Director-General of Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, in a statement he made on Sunday 1st, November 2020.

He said that a total of N1,300,374,372.86o was paid into the Retirement Savings Account (RSA) of 246 retirees in the state’s public service for October.

Mr. Obilana explained that the beneficiaries included employees from the mainstream service, Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals of the state government.

He reiterated that this is rather routine to the current administration in Lagos, as Gov. Babajide Sanwo-Olu has consistently paid the monthly entitlements of retirees and backlog of some unpaid pension inherited from previous administrations.

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The DG congratulated all the retirees for rendering meritorious service to the state. He, however, enlightened the retirees on the two payment options available for accessing their monthly pension entitlements – Programme Withdrawal and Life Annuity.

He urged the retirees to understand the details of the two options and choose the most appropriate option suitable for their situation.

What they are saying

Commenting on the payment made by the state government into the Retirement Savings Account of 246 retirees in the state, the Director-General of Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana said,

“The payment shows the commitment of Gov. Sanwo-Olu to the welfare of the pensioners in the state, in spite of the state of the nation and aftermath of the global COVID-19 pandemic, the state government in line with the vision of a greater Lagos and its commitment to financial freedom for the state’s retirees, ensured the payment of pension entitlements.”