Archive Retirement Benefit: Lagos to pay 2.2billion to 658

Retirement Benefit: Lagos to pay 2.2billion to 658


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In a move to enhance workers’ welfare, the Lagos state government is set to pay a sum of 2.2billion Naira to 658 retirees in the 18th batch of Retirement Benefit Bond Certificate Presentation ceremony.

Onanuga stated that the Retirement Bond Certificate Presentation would be made in Alausa on Thursday 20th August, by Governor Akinwunmi Ambode to 658 workers who retired from the mainstream of the Civil Service, Local Government, SUBEB and Parastatals of government.

According to Onanuga, the Retirement Benefit Bond presentation, being the 18th consecutive one since the inception of the Contributory Pension Scheme, signified the commitment of Government to the implementation and continued sustainability of the Contributory Pension scheme.

She said the Retirement Benefit Bond Certificate was a written acknowledgment by the  Government of debt owed to employees for their years in service under the Pay- As –You- Go pension scheme which was discontinued on 31st March, 2007.

Onanuga said the State Government had already redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees.

The Director General also stated that Governor Ambode had earlier in the month approved the release of the sum of 11billion Naira to meet the outstanding pension liabilities of retirees.

She said the fund would be disbursed on monthly basis, starting with this month, to reduce substantially the outstanding pension liabilities.

The LASPEC boss said it was gratifying to note that Government had been up-to-date in remittance of contributions.

Delay in budget approal has been identified as one of the major factors affecting the smooth implementation of budget in Nigeria.

In most cases, according to the Lagos State Deputy Governor, Dr. Oluranti Adebule, budgets are not  approved until six months into the fiscal year.

She said lack of budget discipline expenditure in excess of the amount budgeted without due process was a recipe for budget failure.

The Deputy Governor said this at the institute of Chartered Accountants of Nigeria’s 2015 federal government of Nigeria budget symposium.

Dr. Adebule considered as crucial, the structure of the budget which has in most cases been in favour of recurrent at the expense of capital expenditure.

Executive Secretary, Eti-Osa local government, Alaba Ajayi, today commended traders in Ikota village for their deligence in keeping their surroundings clean.

Speaking on behalf of the Executive Secretary, at the weekly environmental sanitation exercise in the area, the Deputy Head and Supervisory Councilor for Environment for the council, Adeola Adetoro, charged those who were still in the habit of keeping their business environments dirty to change.

She encouraged members of the Community Development Association, CDA and other community leaders in the village to continue to support the effort of the council and that of the state government by keeping Eti-Osa flood-free.

The first step towards eradication of corruption in Nigeria should be the removal of fuel subsidy.

The Emir of Kano, Mohammed Sanusi II said this today, at the 2015 federal government of Nigeria Budget symposium, organised by the institute of the Chartered Accountants of Nigeria in Lagos.

He also urged the new administration to start its reform from the oil sector.

Sanusi said the federal government should stop the four hundred and forty-four barrel of crude oil being released per day to the NNPC.

He said the crude oil was to make the nation’s refineries function at hundred percent capacity, noting that there was no basis for it since the refineries were not functioning.

Sanusi said when policies were not properly formulated and implemented it would be open to abuses.

The Sarkin Kano noted that if the current president was to make progress, and positive change, he must be determined to offend some groups of Nigerians.

Sanusi called for transparency in governance and in handling oil revenue.

Federal Government has been urged not to scrap the National Youths Service Corp Scheme but make it voluntary for fresh graduates who want to pariticipate in the scheme.

Two panelists, Modest Dikko and Aminat Adams who were speaking on an EKO FM programme in Ikeja said the scheme should not be made compulsory considering the challenges in some part of the country.

They contended that the violence in the Northern part of the country which had led to the brutal and gruesome murder of some youth corps members and the activities of the dreaded Islamic millitants, the Boko Haram had greatly worked against the scheme.

They claimed that the scheme had succeeded in forging unity among the youths of the country but, it had to be re-structured to meet the realities of the time and at the same time solve the problem militating against it.


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