About 444 retirees of the Lagos State Public Service will receive N1.92 Billion for Accrued Pension Rights, the Lagos State Government has said. 

Speaking at the 71st batch Retirement Bond Certificates presentation ceremony held at the NECA Auditorium recently, the Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga said the number of beneficiaries and amount involved was the biggest so far in the payment of accrued pension rights.

She reiterated that from inception of the Contributory Pension Scheme, the State Government complied with the financial obligation demanded by the Scheme.

According to her, the present administration should be commended for the Pension bailout fund of N13 billion approved in the year 2020 budget and for increasing the redemption funding rate from 5 % to 10% of total emolument of active workers