By Olasunkanmi Akoni & Monsur Olowoopejo
LAGOS — Governor Babatunde Fashola of Lagos State, yesterday, presented retirement bond certificates worth N2.19 billion to the third batch of retired public servants in the state’s Contributory Pension Scheme.

Presenting the cheque to beneficiaries in Lagos, Deputy Governor of the state, Mrs. Adejoke Orelope-Adefulire, who represented the governor, said the cheque was in fulfillment of the governor’s commitment to the welfare of workers and to ensure that their retirement benefits were promptly paid.

Fashola said: “So far, Lagos has redeemed retirement bond worth over N3.5 billion to 649 retirees,”  adding that he would pay additional N1.6 billion to another set of 240 retirees, in the next four weeks.

The governor said the state government had to discontinue with the old method of Pay-As-You-Go scheme because of the inherent problem with it.

He noted that in order to demonstrate full commitment to the scheme, government ensured that monthly contributions were made by the state government into employees’ retirement savings account.