Lagos offsets pension obligations with N2b in three months

The Lagos State Government says it has released over N2 billion to off-set its pensioners’ obligation under the Contributory Pension Scheme in the last three months.

Folashade Onanuga, Director-General, Lagos State Pension Commission, said that the figure represented pension monies released for the months of May, June and July.

According to her, N859 million was released for the retirees in May, N716.951 million in June and N466.85 million in July, totalling N2.042.86 billion.

The director-general said that N38 billion had so far been released to 9,214 retirees as at June this year since Governor Akinwunmi Ambode assumed office in 2015.

Onanuga said in a statement that over N40 million was also paid out as insurance benefits to 15 beneficiaries of deceased employees.

She, however, said that the state employees were expected to open a Retirement Saving Account with one of the state’s approved 13 Pension Fund Administrators.

He said: “Governor Ambode is fully committed to retirees’ welfare and he is working towards clearing accrued pension backlogs the administration inherited under the old pension scheme, known as Defined Benefit Scheme.

“Retirees that retired solely under Contributory Pension Scheme for one reason or the other collected their gratuities upon retirement with steady monthly pension payments, because the pension funds under CPS is intact.’’

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