Lagos paid N168.2bn to over 48,000 retirees since 2007 – Govt

The Lagos State Government has paid N168.2 billion to more than 48,000 retirees under the Contributory Pension Scheme since 2007, according to a Facebook post on Tuesday. The Lagos State Pension Commission disbursed this amount to retirees over the past 17 years. The government explained that the figure includes payments made under the state's Contributory Pension Scheme.

In May 2019, the government disbursed N92 billion in accrued rights to more than 25,000 retirees, which includes both gratuity and pension elements. The Lagos State government increased pension contribution rates in 2020 to 10 percent for employers and 8 percent for employees to strengthen the pension scheme. In July 2024, a single-batch payment of N5 billion was made to 1,963 retirees, clearing all outstanding backlogs in pension obligations under the CPS.

The government has been proactive in expediting the payment of accrued rights and releasing additional funding to clear outstanding backlogs. The administration has prioritized the prompt and full settlement of pension components for retiring officers.