Retirees under the Lagos State Pension Commission have received a total payout of ₦1.13 billion, as the Lagos State Government continues to strengthen its pension reform programme.
The disbursement, which benefited 668 former public servants, was announced during the 114th Batch Retirement Bond Certificate Presentation Ceremony held in Lagos over the weekend.
Director-General of LASPEC, Babalola Obilana, said the payments covered accrued pension rights for employees who retired before the introduction of the Contributory Pension Scheme (CPS) in 2007.
According to him, the release of ₦1.126 billion reflects the state government’s commitment to safeguarding the welfare and financial security of its workforce, despite prevailing economic challenges.
Obilana noted that Lagos has maintained its position as a frontrunner in pension administration, describing its CPS framework as one of the most efficient in the country.
He attributed the system’s performance to effective collaboration between LASPEC, pension fund administrators (PFAs), annuity service providers (ASPs), and other key stakeholders, which has enabled smooth processing and timely payment of retirement benefits.
“The 114th Batch joins the growing number of retirees who have received their entitlements, reinforcing our promise of financial security to public servants,” he said.
The LASPEC chief also revealed that the commission has intensified capacity-building programmes for directors, administrative officers, and pension desk officers across ministries, departments, and agencies (MDAs), aimed at improving efficiency in pension processing and service delivery.
