The Permanent Secretary of the Ministry of Establishments and Training, Mr. Olawale Musa, has stated that the Lagos State Government intends to implement a “pay-as-you-go” initiative in the next year for the disbursement of pension funds in the state.
Musa also thanked Mr. Babajide Sanwo-Olu, the governor of Lagos State, for his regular and fast payment of pensions to retirees from the public sector.
At the 101st Bond Certificate Presentation Ceremony held in Ikeja on Wednesday, Musa praised the governor and said the Sanwo-Olu had been working tirelessly “to ensure that the state attains a level where retirees get their entitlement immediately as they retire.”
Musa praised the leadership of the Lagos Pension Commission for its work to ensure the timely payment of pensions to retirees, and he promised that “payment of pensions would not be made in arrears anymore,” adding that the “state government would commence ‘pay as you go’ programme from next year.”
The Director General of LASPEC, Mr. Babalola Obilana, spoke at the ceremony and revealed that the Lagos State Government had paid over N2 billion to 644 retirees of the state’s public service who were present as their past service benefits prior to the beginning of the Contributory Pension Scheme in 2007.
