Lagos State committed to ₦2 billion Monthly to clear Outstanding Accrued Rights of its Retirees, this is how the State has performed
The National Pension Commission (PenCom) has disclosed that Lagos State government committed N2 billion to clear the outstanding accrued rights of its retiree.
Sequel to the commitment, PenCom tracked the payments made by Lagos State government and discovered that it is below N2 billion monthly. PenCom said Lagos State Government in June 2022, paid the sum of N1.5 billion to its retirees as settlement of their accrued rights, this brings the cumulative payment made by Lagos State to N7.09 billion for the period December 2021 to June 2022.
PenCom further said, in relation to the N2 billion monthly commitment undertaken by Lagos State Government to clear its retirees accrued rights, the State has a cumulative shortfall of N6.91 billion for the period December 2021 to June 2022.
PenCom then engaged Lagos State government of the payment and the State revealed that it unilaterally reviewed the monthly payment downwards to N1.5 billion from the agreed sum of N2 billion.
PenCom has subsequently taken up the issue with Lagos State Government, requesting that the State should abide by its commitment.
PensionNigeria notes that around July 2022, Lagos State disclosed that, no fewer than 10,000 retirees were been owed N10bn outstanding accrued rights and Lagos State Government promised to clear the outstanding before May 2023. Lagos State also disclosed then that with the amount released in June 2022, it had paid pension entitlements to retirees upto year 2020 and would now proceed to start paying retirees for the year 2021, from July 2022.
Lagos State Government releases funds for Retirement Bond certificates on monthly basis, which you can check out HERE and also read all Lagos State pension news HERE
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2nd Quarter 2022 Report
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