Ambode releases N720.5m for Lagos retirees in August

Lagos State Government says it has released about N720.5 million to settle backlogs of 190 pensioners’ entitlements under the Contributory Pension Scheme (CPS).

Mrs Folashade Onanuga, Director-General, Lagos State Pension Commission (LASPEC), made the disclosure on Monday in Lagos.

Onanuga said the total pension fund released by Gov. Akinwunmi Ambode’s administration from August 2015 stood at N39.5 billion.

According to her, “9,591 retirees have had accrued rights of N39,450 billion paid into their Retirement Savings Accounts (RSA) from August 2015, when Ambode assumed the office, till date.’’

Onanuga said that pensioners were on the payroll priority of the state, hence the monthly release of pension payments by the state government.

“Lagos is happy that the backlog which was on ground at the beginning of the administration of Governor Ambode has been cleared,’’ she said.

Onanuga thanked the retirees for their contribution to the development of Lagos State and assured them of the governor’s commitment to their welfare in retirement.

She advised the retirees to spend wisely in retirement, saying “any project you know you cannot finish, don’t put your money into it.’’