The National Pension Commission (PenCom) has taken the Lagos State Government to account on the unilateral review of the N2bn monthly accrued rights payment it pledged to retirees which the State had downgraded without recourse to the Commission.
In its Second-Quarter 2022 Report PenCom stated that engagement with the State revealed that it unilaterally reviewed the monthly payment downwards to N1.5bn from the agreed sum of N2bn.
The Report admitted that the Commission “has consequently taken up with the State to abide by its commitment.”
Update by the Commission indicate that Lagos State Government in June 2022, paid the sum of N1.5bn to its retirees as settlement of their accrued rights.
“This brings the cumulative payment made by Lagos State to N7.09bn for the period December 2021 to June 2022. In relation to the N2bn monthly commitment, undertaken by the State Government to clear its retirees accrued rights, the State has a cumulative shortfall of N6.91bn,” the Report stated.
