Lagos pays N710m into Retirement Savings Accounts of retirees


The Lagos State Government has again approved the release of N710 million to pay another batch of retirees who are 153 in number for the month of October, 2017.

Speaking at the 44th batch of the Retirement Benefit Bond Certificate Presentation Ceremony held on Tuesday, 31st October in Ikeja, the Hon. Commissioner, Establishments, Training and Pensions, Dr. Akintola Benson Oke  who represented the Governor, Mr. Akinwunmi Ambode said that the Lagos State Government, despite its commitment to  the welfare of the active workforce and pensioners in respect of salaries and pensions, has undertaking a wide range of reforms that have improved governance, reduced crime, and helped to bring millions out of poverty.

He said that in 26 months i.e. from August 2015 to October, 2017, the State Government through LASPEC has paid accrued pension rights in the sum of N31, 822.560 billion into the RSA of 7,677 retirees. This is aside from the mandatory 15% contributions which the Government remits monthly into the Retirement Savings Account of all the State employees.

The Director- General, LASPEC, Mrs Folashade Onanuga said that this administration has continued to bolster the living standards and socio-economic well-being of the ordinary citizen despite the fact that it has over 200 billion pension liabilities for Lagos State.

Onanuga advised the Pensioners to be wary of Pension fraudsters, who present themselves in different forms, take very good care of their health, and desist from spending on frivolities amongst others.

She was also quick to educate the retirees on the importance of collecting their statement of accounts from their Pension Fund Administrators so as to know if they have missing months. She also sensitized them on the creation of Oracle HR application field for Additional Voluntary Contributions. This will be very useful for those still in active service, for it will guarantee more comfortable life for them when they retire. “The funds are invested and can be accessed immediately by a retiree on retirement. It can also be used to boost pension received in retirement”. She prayed that the retirees will not go hungry.


Lawal, B. A

Public Affairs Officer