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Ambode Approves N11Billion To Off Set Pension Liabilities

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In a bid to bring succor to all retirees in the Lagos State Public Service, Lagos State Governor, Mr. Akinwunmi Ambode on Wednesday directed that pension cash assets in the sum of N11billion be immediately deployed to offset pension liabilities in arrears since 2010 not only of the Lagos State Government mainstream retirees but also retirees in Local Governments and Parastatal organizations.
According to a statement issued on Wednesday by the Head of Service, Mrs. Shade Jaji, the development is part of efforts put in place by the present administration to find a holistic solution to the issue of payment of pension entitlements to retirees under the PAY AS YOU GO pension Scheme which was discontinued in April, 2007 as well as outstanding accrued pension rights due to retirees under the Contributory Pension Scheme.
Mrs Jaji said that the State Government has developed a comprehensive payment plan to resolve all outstanding pension issues in the immediate (short), medium and long terms.
The short and immediate term plan, according to her, is for pension payments to MDAs and Parastatals including Local Governments and SUBEB, which will be made monthly commencing from August, 2015.
The Head of Service said that the above efforts are the outcome of painstaking deliberations by the Public Service Pensions Office, the Lagos State Pensions Commission, the Head of Service and the empathy of Governor Akinwunmi Ambode to reduce, if not totally clear the outstanding liabilities due to retirees in the mainstream public service, Local Government/SUBEB and Parastatals in the State.




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