Lagos pays N166bn into contributory pensions

Nigeria’s Lagos State has funded its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) with N166 billion in the last 11 years.
Governor Akinwunmi Ambode said at a retreat for Lagos State Trade Union Leaders at Michael Imoudu Institute in Ilorin, that Lagos remained the only state that was apt in its monthly remittances into serving employees’ RSAs.
Spokesperson for Lagos State Pensions Commission, Basirat Lawal, said in a statement that Ambode was represented at the retreat by the Commissioner for Establishments, Training, and Pensions, Dr Akintola, Benson.
“The total contributions remitted to Pension Fund Administrators (PFAs) from April 2015 to October 2018 was N91 billion.
“In the last 38 months, from August 2015 to October, 2018, the state has paid Accrued Pension Rights (APRs) totalling N40.93 million to 9,982 retirees.
“The APRs of N74.58 billion has been paid to 17,391 retirees since the commencement of the payment of retirees’ entitlements in 2010 till date ,’’ he said.
The governor said that the government would continue to protect the interests of its retired workers, adding that this was the rationale behind the payment of huge pension entitlements since the inception of CPS in the state.
He disclosed that his administration would soon launch a health insurance scheme for workers.
He said that plans were underway to extend the scheme to also cover retired civil servants.
“This is because health means wealth; we want to ensure that our retirees live healthier and enjoy their retirement,’’ he said.