Lagos State Pays N168.2 Billion to Retirees Since 2007

The Lagos State Government has reported that it has disbursed a total of N168.2 billion to over 48,000 retirees under the Contributory Pension Scheme since 2007. This includes a significant N5 billion single-batch payment made in July 2024, which cleared all outstanding pension backlogs at that time.

The figures were disclosed on Tuesday via the government's official Facebook page, with the Lagos State Pension Commission (LASPEC) describing the administration's pension record as the strongest in the state's history. From May 2019 to the present, the government has allocated N92 billion in accrued rights to more than 25,000 retirees.

In 2026 alone, LASPEC has paid 1,862 retirees over N4 billion, with an additional N1 billion planned for another 700 retirees. The government also extended a N25,000 wage award to over 10,000 retirees under the Defined Benefits Scheme between December 2023 and February 2024.

Despite these efforts, PenCom reported that 91% of Retirement Savings Accounts remain unfunded, highlighting ongoing challenges in pension participation.