Lagos Govt says it paid N168.2 Billion to over 48,000 retirees in 19 years

The Lagos State Government has disbursed a total of N168.2 billion to more than 48,000 retirees over a span of 19 years, according to their official Facebook page. This figure includes a significant N5 billion payment made in July 2024, which settled all outstanding pension debts at the time. The administration claims its pension record as the best in state history.

Between May 2019 and the present, the government has given N92 billion in accrued rights to over 25,000 retirees, covering both gratuity and pension entitlements. In the current fiscal year alone, 1,862 retirees received over N4 billion, with another N1 billion pending for an additional 700 retirees. The government also extended N25,000 wage awards to more than 10,000 Defined Benefits Scheme retirees between December 2023 and February 2024, followed by further increments of 20% and 28% in March 2025.

In May 2026, Lagos matched the Federal Government's N32,000 increase for DBS retirees, resulting in a pension wage bill increase of over 100%. Recent efforts by Lagos State have focused on reducing pension backlogs and expediting retirement benefits. In the first quarter of 2026, 143,248 new Retirement Savings Accounts were opened, bringing the total registered to 11.18 million.

However, the Pension Commission warns that Nigeria may miss its 30% Pension Protection and Preservation target, as 91% of these accounts remain unfunded, highlighting the need to boost pension participation and ensure more workers have active, funded retirement accounts.