By Olasunkanmi Akoni

The Lagos State Government has restated its commitment to defraying all pension arrears and improving the welfare of retirees in the state.

This comes as the government disclosed that it had disbursed N70,198,214,414.11 in accrued pension rights to 20,956 retirees across various sectors since the beginning of the current administration six years ago.

Similarly, it paid N15,108,672,919.19 in accrued pension arrears to 6,024 retirees within one year.

According to the government, the pension arrears were paid to retirees in the mainstream civil service, Local Government, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and state parastatals.

The Head of Service (HoS), Bode Agoro, made this known during the 2025 Annual Ministerial Briefing commemorating the second year of Governor Babajide Sanwo-Olu’s second term in office, held in Alausa, Ikeja.

Agoro also revealed that a total of N3,538,119,631.25 was generated as revenue from the agency’s activities between May 2024 and March 2025.

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

“The Governor presented over N3.1 billion to 1,013 retirees as their accrued pension rights. During the event, he pledged to clear all outstanding pension backlogs and promised to implement a ‘pay-as-you-go’ model.” Agoro informed that a significant milestone was achieved during the 103rd Retirement Bond Certificate Presentation Ceremony in 2024, which formalized this payment model.

He further noted that “a total of N4 billion was disbursed to 2,000 retirees during the 105th Retirement Bond Presentation and to 1,455 retirees during the 104th edition.

“Additionally, in May 2024, as part of ongoing efforts to eliminate pension backlogs, the Governor released N4.5 billion to support retirees during another certificate presentation ceremony.

 ”Mr Governor has demonstrated unwavering commitment to clearing pension arrears. In 2024 alone, a total of N15,108,672,919.19 was paid to 6,024 retirees across all sectors mentioned earlier. From May 2019, when the current administration began, until December 2024, a cumulative total of N70,198,214,414.11 was paid to 20,956 retirees.”

He described this as a monumental achievement in the Lagos State Public Service and a testament to Governor Sanwo-Olu’s dedication to resolving the challenges faced by retirees.

He also mentioned the Bi-Annual Verification Exercise for Local Government pensioners under the Defined Benefit Scheme, held between May 27 and June 7, 2024, and November 18 to 29, 2024, during which 4,667 and 4,525 pensioners were verified, respectively.

Agoro stated that the Federal Government’s 2024 Pension Review circular for retirees under the Defined Benefit Scheme was implemented in Lagos. 

It included a 28 percent increase for retirees who left service at Grade Level 17 and a 20 percent increase for those at Grade Levels 01–16.

Governor Sanwo-Olu approved the pension review with effect from January 2025, with allocations as follows: N186,142,238.62 for Civil Service Pensioners. N136,727,088.49 for Teaching Service Pensioners. N245,234,418.79 for Local Government Pensioners

“Over 600 pensioners received welfare packages as a gesture of appreciation during the Christmas period.

This highlights the Lagos State Government’s unwavering support for retirees and its commitment to ensuring their welfare and well-being.”