Lagos releases $1.9ml for retirees in August

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The Lagos state government says it has released about $1.9 million (N720.5 million) to settle backlogs of 190 pensioners’ entitlements under the Contributory Pension Scheme (CPS).

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

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

“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,’’ she said.

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

Peace PIAK