The Lagos State Government has disbursed N1.13 billion to 668 retirees under the Lagos State Pension Commission (LASPEC), continuing its efforts to strengthen pension administration and improve welfare for former public servants.
The payment was announced during the 114th Batch Retirement Bond Certificate Presentation Ceremony held over the weekend in Lagos, where LASPEC confirmed that the funds covered accrued pension rights for workers who retired before the introduction of the Contributory Pension Scheme (CPS) in 2007.
Director-General of LASPEC, Babalola Obilana, said the latest payout reflects the government’s sustained commitment to ensuring timely and reliable pension benefits, even amid prevailing economic challenges.
He explained that the disbursement—totalling N1.126 billion—demonstrates Lagos State’s prioritisation of the financial security of its workforce after service.
Obilana further described Lagos as a frontrunner in pension management in Nigeria, noting that its CPS framework remains one of the most efficient in the country.
According to him, the system’s success is driven by strong collaboration between LASPEC, pension fund administrators (PFAs), annuity service providers (ASPs), and other key stakeholders, ensuring smooth processing and prompt payment of retirees’ entitlements.
“The 114th Batch joins the growing number of retirees who have received their benefits, reinforcing our promise of financial security to public servants,” he said.
He also revealed that LASPEC has stepped up capacity-building programmes for directors, administrative officers, and pension desk officers across ministries, departments, and agencies (MDAs), aimed at improving efficiency and strengthening pension processing systems statewide.
