The Lagos State government has disclosed that it paid the sum of N891 million to 324 retirees from the mainstream Civil Service, Local Governments, State Universal Basic Education and other parastatals for the month of July, 2016.
The State Director-General of Pension Commission, Mrs Folashade Onanuga, made this disclosure while speaking at the 29th Retirement Benefit Bond presentation ceremony.
She claimed LASG had fulfilled her own part of paying the retirees’ entitlements and that it was now left for the Pension Fund Administrators/Annuity Service Providers to fulfill their part of the arrangement by ensuring that monthly payment to retirees were made.
Mrs Onanuga however, appealed to the beneficiaries to use the money judiciously, urging them to seek professional advice when making an investment decision with their payment.
It will be recalled that the sum of N16,336,552 billion had already been paid to 3,924 retirees by the Lagos State government as accrued pension rights through LASPEC from August 2015 to July, 2016.