Lagos State Governor Babajide Sanwo-Olu has settled ₦68.5 billion in pension arrears owed to public servants who have retired from state service. This announcement was made by Bode Agoro, the Lagos State Head of Service, during a sensitization event on the Contributory Pension Scheme (CPS) organized by the Lagos State Pension Commission (LASPEC) on Tuesday.
Agoro praised Governor Sanwo-Olu for prioritizing retirees’ welfare, ensuring they receive their benefits promptly after retirement. He also recognized the governor’s ongoing efforts to improve the conditions for public servants.
The CPS, enacted in Lagos on March 19, 2007, aims to establish a sustainable retirement plan that guarantees financial security for public workers post-service. Agoro emphasized the various government policies designed to strengthen the Nigerian pension industry and safeguard workers’ retirement benefits, encouraging public servants to align with these evolving policies.
He underscored the importance of the sensitization program in combating misinformation regarding the pension scheme and updating public servants on crucial information. Additionally, Agoro highlighted ongoing initiatives to streamline pension payments, including linking National Identification Numbers (NIN) to accounts for more efficient processing.