Lagos disburses N4.2bn to pensioners in 2 years | Dailytrust

Lagos disburses N4.2bn to pensioners in 2 years

The Lagos State Government through the Ministry of Establishments, Training and Pensions Wednesday said it has paid over N4.2 billion to pensioners in two years. Commissioner for the Ministry, Mrs. Ajibola Ponle who made the disclosure while briefing newsmen at Alausa in Lagos, recalled that Governor Babajide Sanwo-Olu had approved payment of 33 percent increment for state pensioners under the Defined Benefit Scheme otherwise known as ‘Pay As You Go’.

He also said the governor approved payment of the balance of the 25% rent allowance for officers on Grade level 07 and above who retired between May 2000 and August 2004.

She said the payment took effect in January 2020 as the state works with 15 approved Pension Funds Administrators (PFA) and seven approved insurance companies who render pension funds management and annuities services to retirees.

“Today, Lagos State is a trailblazer and pacesetter in pension matters in Nigeria having won on several occasions, awards as most pension compliant in the dispensation,” Ponle said.

She further stated that the biometric verification exercise for pensioners, tagged ‘I Am Alive’ introduced by Sanwo-Olu is a statutory responsibility of the ministry. With this, the ministry has saved N1.5b while eliminating 2,000 ghost pensioners, said Ponle.