LAGOS DISBURSES N168.2BN TO 48,000 RETIREES SINCE 2007

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By: Balogun Ibrahim

The Lagos State Government says it has disbursed N168.2bn to over 48,000 retirees under the Contributory Pension Scheme since 2007.

The government disclosed this in a statement shared on Facebook on Tuesday in response to concerns raised by protesting retirees over pension payments.

According to the state, the Lagos State Pension Commission has paid a total of N168.2bn to more than 48,000 retirees since the scheme commenced in 2007.

It added that N92bn had been paid as accrued rights to over 25,000 retirees between May 2019 and Tuesday.

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The government explained that accrued rights comprise both gratuity and pension components owed to retiring officers, noting that the administration had prioritised the prompt settlement of both obligations.

It also disclosed that the state increased pension contribution rates in 2020 to 10 per cent for employers and eight per cent for employees as part of efforts to strengthen the pension scheme.

The government further highlighted a N5bn payment made to 1,963 retirees in July 2024, saying the disbursement cleared all outstanding pension backlogs under the CPS.

On support for ailing pensioners, the state said it had introduced an expedited gratuity payment policy, while pension benefits continued to be paid into retirees’ Retirement Savings Accounts.

It added that welfare programmes were organised twice yearly to support retirees amid rising living costs.

For retirees under the Defined Benefits Scheme, the government said it extended the N25,000 wage award given to serving state workers to more than 10,000 DBS retirees between December 2023 and February 2024.

The state said the intervention was followed by further increases of 20 per cent and 28 per cent in March 2025.

It added that in May 2026, it matched the Federal Government’s N32,000 pension wage award for its DBS retirees, resulting in more than a 100 per cent increase in the pension wage bill.

The government further disclosed that LASPEC had paid over N4bn to 1,862 retirees in 2026, with an additional N1bn expected to be disbursed to 700 retirees the following week.

It said the various interventions demonstrated the Sanwo-Olu administration’s commitment to the welfare of retired public servants in Lagos.