Lagos clears pension backlog, pays 2,000 retirees N4.46bn

• Published On: 04 July 2024 at 18:55

On Thursday, Lagos State Governor Babajide Sanwo-Olu announced that the state's pension backlogs had been cleared.

Sanwo-Olu announced on X.com on Thursday that the state has paid ₦4.46 billion to 2,000 retirees, fulfilling its goal to eradicate outstanding pension arrears.

The notification stated that 2,000 retirees in Lagos State have received a payment of ₦4,461,659,536.82, effectively clearing the pension backlog.

"In February, we paid ₦3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities, and that promise has been fulfilled today."

Since taking office, his administration has contributed more than ₦68 billion to pensioners' Retirement Savings Accounts across government ministries.

He said that the state's "Pay As You Go" pension scheme ensures that future pensioners receive their full benefits and gratuity promptly upon retirement.


Sanwo-Olu stated that the administration has paid a total of ₦68,164,627,407.21 into retirees' Retirement Savings Accounts in Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other State Government Parastatals. We are quite pleased with our accomplishment.

"Employees of the Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement as Lagos State continues to lead in pension benefits administration with a Pay As You Go template."



According to Sanwo-Olu, in order to improve their well-being, the state has developed a new Health Insurance Scheme exclusively for pensioners.

"We have introduced a health insurance scheme designed exclusively for our pensioners. This programme will provide access to a wide range of medical services, including routine check-ups and specialty treatments," he noted.

In February, PUNCH Online reported that Sanwo-Olu paid N3.149 billion to 1,013 retirees during its 103rd retirement bond certificate presentation.

The governor also stated that another N4 billion outstanding will be paid in March, with the government aiming to settle all backlogs by April.