The Lagos State Government yesterday disbursed a total of N1.52 billion to another set of 798 retirees of the Lagos State Public Service.

The retirement bond certificates worth a total of N1,520,223,053.19 were presented at the 110th Batch Retirement Bond Certificate Presentation Ceremony at Alausa, Ikeja, on Monday.

Speaking during the ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the gesture underscores Governor Babajide Sanwo-Olu's commitment to ensuring retirees receive their entitlements without delay.

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He said Lagos operates a pay-as-you-go pension system, enabling prompt settlement once documentation is completed.

He said: "This ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers.

"The Lagos State Government has made significant strides in pension administration over the years despite various challenges."

Obilana said LASPEC has remained steadfast in ensuring that pensions are paid on time, noting that the 110th Batch will join a long list of retirees who have received their benefits promptly as part of the state's commitment to uphold the promise of financial security to public servants.

He also advised retirees at the event to plan wisely on how to spend their retirement funds.

Speaking on behalf of the retirees after receiving their bond certificates, Mrs. Funto Olaitan Aina and Mr Olayinka Ramoni Alaka, expressed gratitude to the government, describing the bond as timely and life-changing.