By Dennis Erezi
Lagos State governor Babajide Sanwo-Olu on Tuesday announced plans to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies.
Sanwo-Olu made the announcement while presenting the 2021 budget to the Lagos State House of Assembly.
“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 imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies,” Sanwo-Olu said.
Abolishment of the Payment of Pension Law 2007 will mean the stoppage of pension payment to Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and other individuals that served as governors and deputy governors in Lagos State.
Sanwo-Olu stated that the abolition of pension for former governors and deputies will reduce the cost of governance in the state.
“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,” Sanwo-Olu said.
He said the bill will be sent back to the Lagos State House of Assembly to formally repeal the law.
Sanwo-Olu presented the 2021 budget estimate of N1,155,022,413,005.82. It is tagged the “budget of rekindled hope”.