Lagos paid N168.2bn to over 48,000 retirees since 2007 – Govt

File: Lagos State Governor, Babajide Sanwo-Olu

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

The government disclosed this in a Facebook post on Tuesday while responding to concerns raised by some protesting retirees over pension payments in the state.

It said the Lagos State Pension Commission had paid a cumulative N168.2bn to over 48,000 retirees since 2007.

According to the government, the figure included payments made under the state’s Contributory Pension Scheme.

The government said, “The Lagos State Pension Commission has paid N168.2 Billion (One hundred and sixty eight billion, two hundred million Naira) to over 48,000 retirees from 2007 to date.”

It added that N92bn had been disbursed in accrued rights to more than 25,000 retirees between May 2019 and Tuesday.

The statement explained that accrued rights comprised both the gratuity and pension elements owed to retiring officers.

“Accrued rights, it should be noted, comprise both the gratuity and pension elements owed to a retiring officer, and this administration has prioritized the prompt and full settlement of both components,” the government said.

It said the state had increased pension contribution rates in 2020 to 10 per cent for employers and eight per cent for employees, describing the move as an intervention aimed at strengthening the pension scheme.

The government also highlighted a N5bn payment made to 1,963 retirees in July 2024, which it said cleared all outstanding backlogs in pension obligations under the CPS.

“This administration has been particularly deliberate in expediting the payment of accrued rights, releasing additional funding specifically to clear outstanding backlogs. This resolve culminated in a landmark achievement in July 2024, when a single-batch payment of N5 billion was made to 1,963 retirees, an intervention that cleared all outstanding backlog in pension obligations under the CPS,” it stated.

On support for sick pensioners, the government said it had introduced a policy of expedited gratuity payments, while the pension component continued to be paid into retirees’ Retirement Savings Accounts.

It added that welfare programmes were conducted twice yearly to provide assistance to retirees amid rising living costs.

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

It said this was followed by further increases of 20 per cent and 28 per cent in March 2025.

The government added that in May 2026, it matched the Federal Government’s N32,000 pension wage award for its DBS retirees.

According to the statement, the intervention had increased the pension wage bill by more than 100 per cent.

The government further said LASPEC had paid N4bn to 1,862 retirees so far in 2026, with another N1bn expected to be paid to 700 retirees within the following week.

“True to this tradition of prompt and consistent payment, LASPEC has, so far this year, paid 1,862 retirees a total of over N4 billion, and is poised to disburse a further N1 billion to another 700 retirees within the next one week,” it stated.

The government said the interventions reflected the Sanwo-Olu administration’s commitment to the welfare of retired public servants in the state.