Pension: Lagos to Begin ‘Pay-as-you-go’ Next Year

The Permanent Secretary, Ministry of Establishments and Training, Mr Olawale Musa, has said that the Lagos State Government will begin a “pay-as-you-go” programme next year with regards to the payment of pensions in the state.

Musa also commended the Governor of Lagos State, Mr Babajide Sanwo-Olu, for the consistent and prompt payment of pensions to public service retirees.

Commending the governor on Wednesday while delivering a keynote address at the 101st Bond Certificate presentation ceremony held at Ikeja, Musa said that Sanwo-Olu had been working assiduously “to ensure that the state attains a level where retirees get their entitlement immediately as they retire.”

While also lauding the management of the Lagos Pension Commission for its effort in ensuring prompt payment of pensions to retirees, Musa said “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.”

In his remarks, the Director-General of LASPEC, Mr Babalola Obilana, stated that the Lagos State Government had paid over N2 billion to 644 retirees of the state’s public service that were present at the ceremony being their past service benefits before the commencement of the Contributory Pension Scheme in 2007.