Gov. Sanwo-Olu Pledges To Clear N7 Million Pension Backlog In April

He, however, stressed the importance of proper financial planning and management during retirement.

Gov. Babajide Sanwo-Olu of Lagos State, on Friday, pledged to clear all accrued pension rights owed by the state in April.

Mr Sanwo-Olu made the promise at the 103rd bond retirement bond certificates presentation, organised by the Lagos State Pension Commission (LASPEC) in Lagos.

He said, having paid N3.20 billion into the RSA of 1,013 retirees as accrued pension rights for the month of February, the state government would pay N4 billion in March and another N3 billion in April to settle the debt.

In his address, Babalola Obilana, director general, LASPEC, thanked the governor for his consistency in the payment of the accrued pension rights and commitment to staff welfare.

Mr Obilana commended the contributions, dedication, professionalism and passion of the retirees to the success of Lagos State.

He, however, stressed the importance of proper financial planning and management during retirement.

According to him, it is essential for retirees to make informed decisions regarding their finances, to ensure long-term sustainability and security.

“As you decide between programme withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations.

“LASPEC, in line with its role as the regulatory body for pension matters in the state, is constantly reviewing its business processes to provide first-class service to public service retirees,” he said.

Responding on behalf of the retirees, Adetokunbo Eko, a retired asst. director and former head of public affairs unit of LASPEC, commended the state government for prioritising the welfare of its staff and pensioners.

Mr Eko stated that the commitment of the state government to its workers had contributed to the progress of the state.