Sanwo-Olu Gives N200M Bailout Funds to Retirees.

The Management of Michael Otedola College of Primary Education, has commended Governor Babajide Sanwo-Olu, on the release of N200million bailout funds for retirees of the college.

The College Provost, Prof. Nosiru Onibon, who disclosed this during the 25th Anniversary celebration of the Institution, held at Noforija, Eredo-Epe, Lagos, stated that the release of the fund is a big relief to the College and would reduce the burden of inherited debts.

While expressing his appreciation to the state government for the intervention, Onibon stated that the funds will be used to pay gratuities to retirees (dead or alive), 14 years pension arrears to the same retirees and part-payment of tax liabilities.

He said other payments that would be made from the funds include the full payment of six months’ salary arrears to all the concerned retirees and payment of two months out of the seven months’ salary arrears to the staff who are still in the service of the college.