Gov. Akinwunmi Ambode of Lagos State has approved the release of N11 billion to offset all pension liabilities in the state accrued since 2010.
This is contained in a statement by the state’s Head of Service, Mrs Shade Jaji, in Lagos on Wednesday.
Jaji said that the move was to bring succour to all retirees in the state’s public service.
She said that release of the fund was also part of measures by government to find a holistic solution to payment of pension to retirees under the PAY AS YOU GO scheme.
She added that accrued pension rights due to retirees under the Contributory Pension Scheme would also be taken care of.
''The state government has developed a comprehensive payment plan to resolve all outstanding pension issues in the immediate (short), medium and long terms.
''The short and immediate term plan is for pension payments to MDAs and Parastatals, including local governments and SUBEB, which will be made monthly, commencing from August 2015,’’ Jaji said.
She explained that effort of government was to reduce, if not totally clear outstanding liabilities due to retirees in the state.