The Lagos State Governor, Mr. Babajide Sanwo-Olu, has received praise from the Permanent Secretary of the Ministry of Establishments and Training for his continuous and fast payment of pensions to retirees from the public sector.
At the 101st Bond Certificate Presentation Ceremony held in Ikeja today, Musa gave the commendation and reaffirmed that the State Government has consistently paid pensions and that the Governor has been assiduously working to ensure that the state reaches a level where retirees receive their benefits as soon as they retire.
While praising LASPEC’s management for its efforts to ensure the timely payment of pensions to retirees, Musa asserted that pension payments would no longer be made in arrears, stating that the State Government would start a “pay as you go” program from the following year.
The Permanent Secretary thanked all of the retirees for their varied contributions to the state’s growth during their years of active service on behalf of the State Government. He suggested that they use caution when making retirement purchases.
The Lagos State Government paid over N2 billion to the 644 retirees of the State Public Service who were present at the ceremony as their past service benefit prior to the start of the Contributory Pension Scheme in 2007, according to the Director-General of LASPEC, Mr. Babalola Obilana, who spoke at the ceremony.
While praising all parties involved, he thanked the insurance firms and pension fund administrators for their unwavering efforts to ensure the Contributory Pensions Scheme’s success.