Lagos State Pays N88.4bn to Retirees Over Seven Years

The Lagos State Government has disbursed a total of N88.4 billion in pension bonds to 25,656 retirees over the past seven years. Governor Babajide Sanwo-Olu approved a fresh pension increment of N50,000 for public servants, as disclosed by the Head of Service, Bode Agoro, during a press briefing on Monday.

This increment is set to take effect in May 2026, aligning with the National Minimum Wage Amendment Act of 2024. Additionally, retirees under the defined benefit scheme will receive an extra N32,000 in their monthly pensions starting in May 2026.

Furthermore, permanent secretaries will benefit from a 10 percent quarterly pension payment increase on top of their monthly pensions, effective from April 2026. The Lagos State Government has reaffirmed its commitment to fulfilling its obligations to retired workers, emphasizing its dedication to a vibrant public service.