The Ogun State Government has commenced the payment of Additional Pension Benefits (APB) to more than 200 retirees from local government councils and the State Universal Basic Education Board (SUBEB), in a move aimed at improving retiree welfare and reducing financial hardship.
The cheques were presented on Thursday in Abeokuta. Officials said the initiative is designed to support retirees under the Contributory Pension Scheme (CPS).
Speaking during the cheque presentation, Permanent Secretary of the Bureau of Local Government Pensions, Mr. Olufisan Osiyale, said the APB was introduced and approved by Governor Dapo Abiodun to reward retirees for their years of service and to bridge gaps in pension benefits. He explained that the scheme would help stabilise monthly pensions and ease the financial challenges faced by retirees.
Osiyale said the initiative was created to address disparities between retirees under the Defined Benefit Scheme (DBS) and those under the CPS, adding that it is the first of its kind in Nigeria. According to him, the APB is a one-time payment made directly to eligible retirees at the point of exit from service and will run for a period of 10 years.
He further explained that beneficiaries under the CPS would receive between 116 per cent and 280 per cent of their Annual Total Emolument, depending on their years of service.
Also speaking, Permanent Secretary in the Ministry of Local Government and Chieftaincy Affairs, Dr. Rotimiolu Akinlesi, and the Permanent Secretary of the Local Government Service Commission, Mrs. Olanike Ogunbona, described the initiative as commendable. They urged beneficiaries to use the funds wisely, particularly by investing in low-risk ventures.
In his remarks, the Vice President of the Nigeria Union of Local Government Employees in the state, Mr. Fatai Akiode, commended the governor for the initiative and called for the continued remittance of pension contributions to pension fund administrators.
Similarly, the Chairman of the Local Government Pensioners Association of Nigeria in the state, Mr. Benedict Ademoye, described the development as a welcome move that would positively impact retirees.
Responding on behalf of the beneficiaries, Mr. Ajayi Amos and Mrs. Dorcas Agboola expressed gratitude to the state government, saying the payment showed that their years of service had not been forgotten.
