Lagos State only paid about half of the amount it committed to clear outstanding Accrued Rights of its Retirees
The National Pension Commission (PenCom) has provided an update on the commitment of ₦2 billion per month made by Lagos State government in December 2021 to clear the outstanding accrued rights of its retiree.
PenCom said sequel to the commitment it started to track the payments made by the State and it discovered that the State has not meet up with its ₦2 billion monthly commitment.
PenCom revealed in its 3rd quarter report that Lagos State had paid ₦9.33 billion towards settlement of the outstanding accrued rights being owed to the State’s retirees. PenCom further disclosed that the payments so far made by the State was for the period December 2021 to August 2022 and it is ₦9.33 instead of ₦18 billion for the nine months, based on the commitment of ₦2 billion per month. The above shows that Lagos State has only paid about half of the amount it committed to clear outstanding Accrued Rights of its retirees for the period.
PenCom in its second quarter report in June 2022 had disclosed that it engaged Lagos State government on its payment not meeting the minimum monthly commitment and Lagos State said that it unilaterally reviewed the monthly payment downwards to N1.5 billion from the agreed sum of N2 billion. PenCom subsequently took up the issue with Lagos State Government, requesting that the State should abide by its commitment.
Records from PenCom 3rd quarter report revealed that Lagos State made a payment of ₦1.5 billion in July 2022 and ₦1.11 billion in August 2022, meaning that the State still did not meet its personally revised ₦1.5 billion monthly commitment in August 2022.
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 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 3rd Quarter 2022 Report
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