The Lagos State Pension Commission (LASPEC) said Gov. Akinwunmi Ambode of Lagos State, has paid a total of N37, 546 billion to pensioners since 2015. The LASPEC Director-General said the governor released N859, 059 million to offset the Accrued Pension Rights of 158 retirees under the Contributory Pension Scheme (CPS) in May. She explained the governor had been releasing funds every month to off-set the backlog of pension to Lagos retirees. She said despite the high funding obligations of the current pension scheme, the government was committed to offsetting the backlog of pension, and would soon commence payment to 2016 retirees.

Source: The Guardian June 03, 2018 14:15 UTC