Lagos State Settles N100 Billion Pension Debt, Plans to Launch Medical University

By Admin

Governor Babajide Sanwo-Olu of Lagos State announced at the third annual Lagos State Employment Summit that the state has successfully cleared nearly N100 billion in pension liabilities.

Speaking at the event themed ‘Job Creation Uniting for Impact: Create, Collaborate, Change’, Sanwo-Olu highlighted the government’s efforts to reduce unemployment in Lagos.

“We have cleared almost a hundred billion of pension liability,” Governor Sanwo-Olu stated, emphasizing that the final Pension arrears would be signed off on Thursday, making Lagos the first state in Nigeria to achieve this milestone.

Earlier commitments included disbursing N3.

20 billion to the Retirement Savings Accounts (RSA) of 1,013 retirees for February, with additional payments of N4 billion in March and N3 billion in April to address the accrued pension debt.

“While acknowledging the backlog in accrued rights payment, our focus remains on systematically eliminating this backlog,” Sanwo-Olu affirmed. He expressed confidence that Lagos would achieve a “Pay As You Go” pension model by the end of his tenure.

Governor Sanwo-Olu also disclosed plans to establish a medical university in Lagos before his term concludes, highlighting healthcare advancements as a priority for the state.

“In addressing recent health challenges such as cholera outbreaks, the state has taken proactive measures,” Sanwo-Olu noted. He emphasized the need for systemic corrections and additional investments, proposing approximately N100 billion for urban water infrastructure to prevent future health crises.

The governor’s remarks underscored Lagos State’s commitment to fiscal responsibility and sustainable development, aiming to enhance public welfare through strategic investments and policy initiatives.