Lagos Pays N168.2bn To Over 48,000 Retirees

The Lagos State Government says it has paid N168.2 billion to more than 48,000 retirees under its Contributory Pension Scheme since 2007.

The government disclosed the figure in a Facebook post on Tuesday while responding to concerns from some protesting retirees over pension payments.

According to the state, the Lagos State Pension Commission (LASPEC) has made the payments to retirees since the scheme began. It added that more than N92 billion in accrued rights had gone to over 25,000 retirees between May 2019 and Tuesday.

The government explained that accrued rights cover both gratuity and pension payments owed to retiring officers. “Accrued rights, it should be noted, comprise both the gratuity and pension elements owed to a retiring officer, and this administration has prioritized the prompt and full settlement of both components,” the government said.

Lagos also increased its pension contribution rates in 2020 to 10 per cent for employers and eight per cent for employees, describing the change as an effort to strengthen the scheme.

The state highlighted a N5 billion payment to 1,963 retirees in July 2024, which it said cleared all outstanding pension backlogs under the CPS.

For sick pensioners, the government said it introduced faster gratuity payments, while pension payments continued through retirees’ Retirement Savings Accounts. It also runs welfare programmes twice a year to support retirees facing higher living costs.

Under the Defined Benefits Scheme, Lagos extended a N25,000 wage award to more than 10,000 retirees between December 2023 and February 2024. Further increases of 20 per cent and 28 per cent followed in March 2025.

In May 2026, the state matched the Federal Government’s N32,000 pension wage award for DBS retirees, increasing its pension wage bill by more than 100 per cent.

LASPEC has also paid over N4 billion to 1,862 retirees in 2026, with another N1 billion planned for 700 retirees within a week.

Do these interventions show that Lagos is doing enough to protect retirees’ welfare?