The Lagos State Government has said it is processing the implementation of the recently approved pension increase for retirees under the Contributory Pension Scheme, stressing that the state is funding the additional liability from its own resources.
The government, through the Lagos State Pension Commission, said no funds were released by the Federal Government to Lagos for the payment of the increase, dismissing claims that federal funds meant for pensioners were being held by the state to generate interest.
Director-General of LASPEC, Babalola Obilana, stated this in a clarification on the implementation of the pension increase.
According to him, Lagos decided to extend the increase to eligible state pensioners and is currently the only state in the federation implementing the increase for its pensioners at its own cost.
Obilana said the implementation had already been completed for eligible pensioners under the Defined Benefits Scheme, who are now receiving enhanced pensions.
