Lagos State Governor, Babajide Sanwo-Olu, has advised the 2,000 retirees who recently received their contributory pensions totaling approximately N4.46 billion to spend their funds wisely.
He emphasized that this money is intended for their personal care during their senior years and should not be donated to churches, mosques, or religious groups.
Speaking at the 105th batch of retirement bond certificate presentation ceremony on Thursday, Sanwo-Olu highlighted the state’s commitment to its retirees, honouring their years of dedicated service.
“Don’t use your pension to solve family problems. It is about you. It is what you have worked for. You trained your children let them leave you alone to enjoy your benefits.
“Don’t let your children or grandchildren threaten you with any problems. Your pension is your sweat; don’t let your children or grandchildren dictate how you should spend it. Don’t pledge all of it to religious activities at your worship centre,” he said.
Sanwo-Olu assured all retirees that the state government is committed to the timely settlement of their retirement benefits, as long as all required procedures and approvals have been completed before retirement.
He mentioned that the state has successfully cleared the backlog of pensions owed to retirees, stating, “We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognizing their unblemished careers in the State Public Service.”
He also celebrated the milestone of the 105th Retirement Bond Certificate presentation, marking the transition into a new phase of pension administration, known as ‘Pay-As-You-Go.’
Moving forward, retirees of the State Government will receive their payments upon retirement, provided that all necessary procedures and approvals have been completed.
Sanwo-Olu revealed that since the Contributory Pension Scheme began, the state government has disbursed N141.2 billion to 35,191 retirees.
