On July 4, 2024, Governor Babajide Sanwo-Olu of Lagos State addressed retirees during the 105th batch retirement bond certificate presentation ceremony, emphasizing prudent use of pension funds. He advised retirees against spending their pensions on religious donations or supporting adult children, urging them instead to prioritize their own needs and well-being.
Governor Sanwo-Olu stressed that pension funds are earned through years of hard work and should not be used to solve broader family issues. He cautioned retirees against making large pledges for religious causes, emphasizing that their responsibility was to manage their earnings wisely.
Additionally, Governor Sanwo-Olu introduced a new Pension Administration system called ‘Pay-As-You-Go’. This system aims to ensure prompt payments to retirees once all necessary procedures and approvals are completed before retirement. He highlighted this initiative as part of the Lagos State government’s commitment to improving pension administration and supporting retirees in their post-work life.
The introduction of ‘Pay-As-You-Go’ marks a significant step towards enhancing pension management efficiency and ensuring retirees receive their entitlements in a timely manner, reflecting the government’s ongoing efforts to prioritize the welfare of retired public servants in Lagos State.