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Home Business News Business

Sanwo-Olu to stop pension for former governors, deputies

Chike Olisah by Chike Olisah
November 10, 2020
in Business, Spotlight
Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts, Governor Sanwo-Olu appoints new Commissioner for Physical Planning and Urban Development

Governor Babajide Sanwo-Olu

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Lagos State Governor, Babajide Sanwo-Olu, has announced plans to repeal the Public Office Holder (Payment of Pension Law 2007), which makes provision for the payment of pension and other entitlements to former elected governors and their deputies.

READ: PenCom okays N2.58billion for relatives of 591 deceased workers in three months

This disclosure was made by the governor on Tuesday, November 9, 2020, while presenting the 2021 budget to the Lagos State House of Assembly at Alausa Ikeja.

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While disclosing that this was expected to help reduce the cost of governance, Sanwo-Olu said the bill for that purpose would be sent to the State Assembly.

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Sanwo-Olu said, “Mr Speaker and Honourable Members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.’’

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The scrapping of the Pension Law 2007 will mean the stoppage of pension payment to the former governors of Lagos state, which includes, Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and other individuals that had served as elected governors and deputy governors in the State.

He said, “It is our firm belief that with dwindling revenues and the appurtenant inflationary growth rates, that we need to come up with innovative ways of keeping the costs of governance at a minimum while engendering a spirit of selflessness in public service.’’

This plans by the Lagos State Governor is part of the 2021 budget which is tagged the “budget of rekindled hope”, with a proposed expenditure of N1,155,022,413,005.82

READ: #EndSARS events and the impact on the Insurance industry


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Tags: Governor Babajide Sanwo-oluNigeria NewsPension Law
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 3

  1. Henry Ogoliegbune says:
    November 10, 2020 at 3:00 pm

    This’s a welcomed development and Ihope other states follow suit. Elected officers are not employees of the state and as such NOT pensionqable. it’s borne out of fraud and greed, the earlier it is stopped the batter.

    Reply
  2. Adelakun Joseph says:
    November 10, 2020 at 3:14 pm

    Good step in the right direction, really happy to hear that I just hope all other states will emulate this and reverse the law

    Reply
  3. Paul akenzua says:
    November 10, 2020 at 4:34 pm

    Fashola is getting a pension? Surprise surprise

    Reply

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