In a significant move aimed at ensuring the welfare of retirees in Oyo State, Governor Seyi Makinde has approved the disbursement of ₦1.65 billion for the payment of gratuities and death benefits to retired primary school teachers and local government retirees.
This decision is set to benefit 413 beneficiaries across all the state’s geopolitical zones, in a gesture that underscores the administration’s commitment to improving the lives of retired civil servants.
The announcement was made by the Chairman of the Local Government Staff Pensions Board, Hon. Ademola Ige, during a formal ceremony to commence the payment of gratuities and death benefits.
The payments are set to cover both living retirees and the next of kin of deceased retirees, with the latter group receiving the death benefits as part of the ongoing commitment to honor the state’s pensioners.
Hon. Ige explained that the approval of the ₦1.65 billion was made possible due to an increase in the monthly allocation to the Local Government Staff Pensions Board, a move designed to address the long-standing issue of delayed payments to retirees.
This injection of funds, according to Ige, marks a major step toward stabilizing the pension system in the state and ensuring that retired teachers and local government employees receive their rightful entitlements.
The payment plan will benefit a total of 413 retirees, including both deceased individuals’ beneficiaries and those still living. Starting from January 2025, a new policy will be implemented that will ensure monthly payments of gratuities and death benefits, providing retirees with a steady stream of income rather than having to wait for large lump-sum payments, which have often caused financial hardships due to delays.
In his address at the event, the Permanent Secretary of the Local Government Staff Pensions Board, Alhaji Lukman Muraina, elaborated on the allocation process.
He disclosed that the funds had been earmarked for the collation of three months’ payments, which are currently undergoing a comprehensive screening process.
Upon completion of this screening, retirees will begin to receive their gratuities, ensuring that the payment process is transparent and efficient.
Governor Makinde’s administration has been making strides in improving the welfare of retirees, particularly those in the local government and educational sectors. This ₦1.65 billion initiative forms part of the broader strategy to ensure that retirees are not left to suffer after years of service to the state, a move that has been widely praised by stakeholders within the state’s civil service community.
