The Lagos State Government has announced the disbursement of over N63 billion in pension benefits to 19,814 retirees over the past five years.
The Lagos State Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, revealed this on Friday 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.
This information was detailed in a statement on the Lagos State official website, highlighting 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 in part.
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 directive of the Federal Government. The review involved applying various percentage increases based on individual pension amounts.
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Furthermore, Ayantayo highlighted that Governor Sanwo-Olu has made significant progress by addressing backlogs of outstanding pension benefits and implementing a Pay-As-You-Go model for future retirees.
He noted that the Lagos State Government has paid over N16 billion to retirees between February 2023 and April 2024. The state government has also ensured that the processing and payment of retirees’ benefits are promptly handled by Pension Fund Administrators (PFAs), the statement revealed.
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 include proposing 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. He emphasized that 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.
