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Lagos Pays N3.34 Billion To 580 Pensioners

Ayo Balogun, Lagos

The Lagos State Government on Friday pays the sum of N3.34 billion to 580 public servants who retired from the state public service in 2013.

No fewer than 395 retirees were paid N2.4 billion, under the second tranche of the 9th batch of the presentation of retirement bond certificates, as 185 retirees had earlier received N943.14 billion in September, under the first tranche of the 9th batch.

Presenting bond certificates worth N2.4 billion to the 395 retirees on Friday, at the NECA Building Auditorium in Ikeja, Lagos, Nigeria, the Director-General, Lagos State Pension Commission, LASPEC, Mr. Rotimi Hussain  said the payment of money to the retirees brought the overall figure to N3.34 billion paid to retirees under the 9th batch.

“This particular set of 395 retirees form the second tranche of the 9th batch of our retirement bond certificates presentation, thus bringing the total number of the 9th batch beneficiaries to 580,” he said.

Hussain stated that with today’s presentation, the state government had so far in the history of the Contributory Pension Scheme remitted a total accrued right of N21.375 billion into the Retirement Savings Account, RSA, of 3,884 retirees.

He said the state remained steadfast in its commitment at sustaining full implementation of this pension scheme even beyond the present administration as solid and well defined structure had been put in place to ensure that the statutory 5% contribution that goes into the Redemption Fund Account created for the purposes of redeeming the retirement bonds which showed the accrued pension rights for years spent in service prior to the commencement of the Contributory pension Scheme was sustained.

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