….Also clears N15bn pension arrears to 6,024 retirees in one year; generates over N3.5bn revenue from agencies

By Olasunkanmi Akoni

Lagos State Government has disbursed a total of N70,198,214,414.11 in accrued pension rights to 20,956 retirees across all categories since the current administration assumed office six years ago.

In addition, the state paid N15,108,672,919.19 in pension arrears to 6,024 retirees within a one-year period. These pension arrears covered retirees from the mainstream civil service, Local Government, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and various state government parastatals.

The Head of Service, Bode Agoro, made these disclosures on Wednesday during the 2025 annual ministerial briefing commemorating the second year of Governor Babajide Sanwo-Olu’s second term, held at Alausa, Ikeja.

Agoro also revealed that the state generated N3,538,011,631.25 in revenue from the activities of pension-related agencies between May 2024 and March 2025.

“A key priority of Governor Sanwo-Olu’s administration, as articulated in the THEMES+ Agenda, is to build a more inclusive and equitable society. This includes addressing the needs of retirees and ensuring efficient pension service delivery,” Agoro said.

He noted that the Governor presented over N3.1 billion in accrued pension rights to 1,013 retirees during a recent event and pledged to clear all outstanding pension backlogs while implementing a “PAY-AS-YOU-GO” pension payment model.

Significant progress was made at the 103rd Retirement Bond Certificate Presentation Ceremony in 2024, where the new pension payment model was launched. Following this, N4 billion was disbursed to 2,000 retirees at the 105th Retirement Bond Ceremony and to 1,455 retirees during the 104th ceremony.

In May 2024, the Governor released N4.5 billion to further reduce pension backlogs, underscoring his commitment to resolving outstanding pension issues.

Since May 2019, the administration has cumulatively paid over N70 billion to nearly 21,000 retirees, a milestone achievement that reflects the government’s dedication to improving retirees’ welfare.

The bi-annual verification exercise for Local Government pensioners under the Defined Benefit Scheme was conducted between May 27 and June 7, 2024, and again from November 18 to 29, 2024, verifying 4,667 and 4,525 pensioners respectively.

The state implemented the Federal Circular on the 2024 pension review for pensioners under the Defined Benefit Scheme, which included a 28% increase for retirees on Grade Level 17 and a 20% increase for those on Grade Levels 1 to 16. Governor Sanwo-Olu approved this review effective January 2025, allocating N186 million for Civil Service pensioners, N136 million for Teaching Service pensioners, and N245 million for Local Government pensioners.

Additionally, over 600 pensioners received welfare packages as a special gesture during the Christmas period, highlighting the government’s ongoing commitment to retirees’ welfare and well-being.