Lagos Govt to disburse N3.1 billion to over 1,000 retirees next week – Sanwo-Olu  

by olenboase5918

NIDCOM, Babajide Sanwo-olu

The governor of Lagos State, Babajide Sanwo-Olu, has announced the plan of his administration to disburse a swooping N3.1 billion to over 1,000 retirees in the state in the coming week.  

Sanwo-Olu made this announcement on Friday via his X (formerly Twitter) account, adding that his administration aimed to put smiles on the faces of families.  

According to him, the disbursement will be under the Contributory Pension Scheme of Lagos, affecting over 1,000 retirees.  

He said,  

  • “I’m happy to share some news with you that I hope will put smiles on the faces of families. 
  • “Next week, we’re set to disburse N3.1 billion under the Contributory Pension Scheme to over 1,000 retirees who have served our state tirelessly. Your sacrifices have not gone unnoticed. 
  • “Prioritizing the welfare of those who’ve shaped Lagos’ history is not just a commitment; it’s our legacy. Your trust is paramount, and together, we’re constructing a Lagos that champions its own.”  

Lagos paid N60 billions to 17,000 retirees  

Speaking further, the governor noted that his administration so far has paid about N60 billion to over 17,000 retirees since its inception.  

He added that the achievement is a source of pride to him, emphasizing that the welfare of the retirees of the state is of utmost priority to his administration.  

He also lauded the workers of the states for their contribution, adding that they will continue to strive more for the development of Lagos.  

  • “It is pertinent to take note of the fact that in the lifetime of our administration, we have disbursed over N60 billion as pension to over 17,000 retirees. This achievement fills us with pride. 
  • “A heartfelt thank you for your unwavering dedication. Your contributions from the very foundation of our vibrant state. There is so much more to be done, and we will continue to strive to achieve more.  
  • “Let’s keep building a stronger, caring Lagos together,” he added.  

What you should know  

  • The Contributory Pension Scheme in Nigeria is an initiative of the nation’s pension system.  
  • This scheme represents a fundamental shift from the previous defined benefit scheme to a more sustainable and efficient defined contribution system. It aims to secure the financial future of workers.  
  • Under this scheme, both employees and employers make contributions to the pension fund, fostering a habit of disciplined saving for retirement. This encourages financial responsibility and helps individuals build a substantial retirement corpus. 

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Cyrus Ademola


Cyrus Ademola

I am a journalist and a political and socioeconomic analyst currently employed at Nairametrics. I pride myself on being a skilled wordsmith with a passion for delving into contemporary political issues on both a national and international scale. Additionally, I contribute research-based columns and op-eds to national publications.

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