Ambode Releases N11bn For Pension Arrears Since 2010

The Governor of Lagos state, Akinwunmi Ambode ordered Pension Cash Assets to release N11billion with immediate effect to offset pension liabilities in arrears since 2010. The money will cover mainstream retirees of the Lagos State Government, retirees in Local Governments and Parastatals.

According to a statement issued by the Head of Service, Mrs. Shade Jaji, the directive is part of efforts 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.

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.