Lagos Gov’t Disburses N4.2 Billion Pension Arrears In 2 Years

Lagos Gov’t Disburses N4.2 Billion Pension Arrears In 2 Years

By Wires Editor | The Trent on May 26, 2021
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Babajide Sanwo-Olu
Babajide Sanwo-Olu, the governor of Lagos State

Lagos State Government said it has paid N4,203,784,514.49 arrears to pensioners in the state under the Defined Benefits Scheme otherwise known as ‘Pay As You Go’ from May 2019 to March 2021.

Ajibola Ponle, the commissioner for establishment, training, and pension, disclosed this on Wednesday, May 26, 2021, at the 2021 ministerial press briefing which is part of activities to mark the second anniversary of Governor, Babajide Sanwo-Olu-led administration.

According to Ponle, as part of the state’s commitment to the welfare of pensioners, Governor Sanwo-Olu approved payment of 33 percent increment for all state pensioners under the Defined Benefit Scheme and also paid the balance of the 25 percent rent allowance for officers on Grade Level 07 and above who retired between May 2000 and August 2004.

The commissioner stated: “there are currently 15 approved Pension Funds Administrators , PFA, and seven approved Insurance Companies who render pension funds management and annuities services to retirees in the State.

Today, Lagos State is a trailblazer and pacesetter in pension matters in Nigeria having won awards as most pension compliant in the dispensation on several occasions.”

Ponle added that as part of measures to better the lives of pensioners in the state in line with the current administration policy of inclusion, the Ministry is always interfacing with relevant stakeholders such as Nigerian Union of Pensioners, Association of Retired Heads of Service, and Permanent Secretaries and others.

“It would be recalled that the Nigeria Union of Pensioners, NUP, at its 11th Quadrennial National Delegates Conference recently honoured Governor Sanwo-Olu with the distinguished award of ‘Excellence and Greater Commitment to Pensioner’s Welfare.’

That means we are doing something right,” he said. Ponle further stated that when the second phase of the COVID-19 pandemic broke out in the country last year, the state recommended vaccines for pensioners in the state that are over 70 years.

Source: Vanguard

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