Lagos government has paid over N4.2 billion to pensioners under the ‘Defined Benefits Scheme,’ otherwise known as ‘Pay As You Go,’ from May 2019 to March 2021.
The Lagos government has paid over N4.2 billion to pensioners under the ‘Defined Benefits Scheme,’ otherwise known as ‘Pay As You Go,’ from May 2019 to March 2021, says the Commissioner for Establishments, Training and Pension, Ajibola Ponnle.
She disclosed this in Ikeja at the 2021 ministerial press briefing to commemorate Governor Babajide Olusola Sanwo-Olu’s second year in office.
Mrs Ponnle said that as part of the government’s commitment to pensioners’ welfare, Mr Sanwo-Olu also approved a 33 per cent increment for all pensioners under the scheme.
She added that the government also paid the balance of the 25 per cent rent allowance for officers on Grade Level 07 and above, who retired between May 2000 and August 2004.
“There are currently 15 approved Pension Fund Administrators (PFAs), and seven approved insurance companies who render pension funds management and annuities services to retirees in the state.
“Today, Lagos state is a trailblazer and pacesetter in pension matters in Nigeria, having won awards as the most pension compliant in this dispensation, on several occasions,” the commissioner said.
Mrs Ponnle noted that as a policy, the ministry had always been interfacing with relevant stakeholders, such as the Nigerian Union of Pensioners, Association of Retired Heads of Service, and Permanent Secretaries, to improve pensioners’ well-being.
