Governor Babajide Sanwo-Olu, today, announced his government will abolish pensions for Former Governors and their their Deputies with effect from the 2021 fiscal year.
The law which was established under Payment of Pension Law 2007 provides for the payment of pensions and other entitlements for the said persons.
He explained that abolishing the salaries would reduce the cost of governance.
Sanwo-Olu made this known while presenting the 2021 budget to the Lagos State House of Assembly.
He added that the bill will be passed to the Lagos State House of Assembly for approval.
While addressing the issue at the budget presentation, the Governor said:
“Mr Speaker and Honourable Members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House immediately for the repeal of the Public Office Holder (Payment of Pensions Law 2007) which provides for payment of pension and other entitlements to former Governors and their Deputies.”
The 2021 budget is estimated at N1.55 trillion, precisely, N1,555,022,413,005.82k.
Sanwo-Olu added that “It is our firm belief that with dwindling revenues and the appurtenant inflationary growth rates, that we need to come up with innovative ways of keeping the costs of governance at a minimum while engendering a spirit of selflessness in public service.”
A choir was on hand to usher the Governor in for the budget presentation this morning:
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Sanwo-Olu to Abolish Pensions for Former Governors and Deputies
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