Business
Lagos Pays N9.3bn As Pension In One Year
The Lagos State Government said that it paid N9.3 billion as pension to 2,466 retirees in the state, between May 2017 and March 2018.
The state Commissioner for Establishment, Training and Pensions, Dr Akintola Benson-Oke, said this last Friday at the 2018 Ministerial Press Briefing, to mark the present administration’s three years in office.
“The state government, through the Lagos State Pension Commission (LASPEC), paid the sum of N9.3 billion into the Retirement Savings Account (RSA) of 2,466 public retirees, within the last one year.
“From August 2015 to date, the sum of N35.92 billion has been paid into the RSA of 8,731 retirees, deceased and withdrawn staff.
“There has been continued significant reduction in outstanding backlog of terminal entitlements of retired public servants,” he said.
Benson-Oke aded that the Gov. Akinwunmi Ambode led-administration commenced and maintained the trend of paying terminal entitlements of retired employees monthly, since August 2015.
“The ministry will continue to sensitise retirees on activities of pension fraudsters so that they will get their entitlements without hitch,” he said. The commissioner said that the ministry would distribute welfare packages to no fewer than 8, 000 pensioners aged 70 and above this year.
On the payment of death benefit, he said that 80 beneficiaries of deceased employees in the state were paid N220.7 million within the period.
The commissioner said that the state’s Public Service Staff Development Centre trained 3, 737 officers in the last one year.
He said the training provided solutions to problems on human capacity through learning and development initiatives, using technology-driven resources.
“The essence is not only for self-development, but for the skills and knowledge acquired to be deployed on the job for impactful service delivery to teeming populace of Lagos State, “ he said.
Benson-Oke commended the 17 labour unions in the state public service for supporting government in creating a safe, conflict-free and productive workplace.
“It is historic to note that in the last three years, this administration has not witnessed any form of crisis, protests or agitations by labour unions,” he added.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.