The formal presentation of cheques was led by the Lagos Commissioner for Finance, Mr. Abayomi Oluyomi, who reaffirmed the government’s unwavering dedication to standing by the families of those who served the state. Speaking at the event, Mr. Oluyomi acknowledged that some beneficiaries had experienced delays in receiving their payments, emphasizing that the current disbursement aimed to rectify these situations and provide much-needed financial stability.
"Today marks a significant step in fulfilling our promise to the dedicated individuals who have served Lagos State and their families," stated Mr. Oluyomi. "The distribution of close to one billion Naira to over 510 beneficiaries underscores our belief that every Lagos State employee, whether in service or having passed on, deserves the security and peace of mind that comes with comprehensive insurance coverage."
He further highlighted the proactive approach of the Governor Babajide Sanwo-Olu administration in prioritizing the welfare of the public sector workforce. Mr. Oluyomi revealed that the Lagos State Government had invested over N3 billion in insurance premiums this year alone, ensuring coverage for both employees and vital government assets. This substantial investment reflects the government's understanding of the critical role insurance plays in safeguarding the well-being of its workforce and mitigating potential financial vulnerabilities.
Addressing the beneficiaries directly, Mr. Oluyomi urged them to exercise financial prudence in managing the received funds. He emphasized that these funds were intended to provide a cushion during a challenging period and advised against frivolous spending that could undermine their long-term financial security. He also announced that another phase of disbursement was slated to occur within the next three months, demonstrating the government's ongoing commitment to this vital support program.
In a poignant moment of remembrance, Mr. Oluyomi requested a minute of silence in honor of the departed public servants, offering prayers for the continued well-being of their surviving family members.
Echoing the Commissioner's sentiments, Permanent Secretary Mr. Mahmud Alao stressed the importance of financial diligence among the beneficiaries. He cautioned against impulsive or extravagant expenditures that could deplete the intended support, urging them to consider wise investments for their future.
The significance of the government's commitment was further underscored by stakeholders present at the disbursement event. Mr. Femi Saheed, Chairman of the House Committee on Finance, lauded the legislative oversight in ensuring the government's adherence to its insurance obligations. He also encouraged civil servants to proactively consider personal insurance policies as a complement to the state-sponsored benefits, thereby enhancing their overall financial security.
Mr. Rasaq Abiodun, Managing Director of LASACO Assurance Plc, commended the Lagos State Government for its consistent and timely payment of insurance premiums, highlighting the positive impact this has on the insurance industry and the beneficiaries. He joined the call for beneficiaries to utilize the funds judiciously, advocating for smart investment strategies to secure their financial future.
Leaders from the Association of Senior Civil Servants of Nigeria (ASCSN), including Chairman Mr. Segun Balogun, also emphasized the importance of financial intelligence and stability for the beneficiaries, offering guidance on responsible fund management.
Speaking on behalf of the recipients, Mrs. Constance Ajayi expressed profound gratitude to the Lagos State Government for its timely intervention and support. She shared her personal challenges following the loss of her husband, highlighting the significant relief the insurance benefits would provide during this difficult time.
This latest disbursement of death benefits underscores the Lagos State Government's ongoing commitment to prioritizing the financial security and welfare of public service families. With another phase of payments scheduled within the next three months, the government continues to reinforce its dedication to social welfare and economic stability within the state.
It is noteworthy that the insurance sector in Nigeria plays a significant role in providing financial safety nets. Recent data from Nairametrics indicated that 15 listed insurance companies reported a combined N557.5 billion in premiums received from policyholders for the fiscal year ending December 31, 2024, highlighting the substantial volume of financial protection being underwritten across the nation. This context further emphasizes the importance of the Lagos State Government's proactive engagement with insurance to safeguard its workforce and their families.