Governor Rauf Aregbesola of Osun Stateon Friday presented N1.2 billion bond certificates to 194 retirees in the state.

The bonds were presented to retirees under the Contributory Pension Scheme in local governments and public primary schools in the state.

Speaking at the presentation in Osogbo, the governor said his administration would continue to make the welfare of pensioners a priority.

Aregbesola said: “In 2010, we committed N400 million to pension and in 2011, we increased our monthly pension obligation to N250 million and we paid N3 billion that year.

“By March 2012, our pension obligation rose to N300 million monthly, which cost N3.5 billion.

“But in December 2012, about 5,000 retirees were added to the existing 9,000 pensioners in the state.

“In 2013, we increased our monthly pension to N520 million and paid out N5 billion in the same year.

“In 2014, though the economic meltdown had started and we started having difficulties on pension payment, we still committed a total sum of N4.9 billion to pension.”

Aregbesola said in spite of the financial challenges in the country, the state government was still committed to the payment of pensions and gratuities to retirees.

The governor, who described contributory pension as a “win-win” scheme, said his administration would ensure that no retiree was shortchanged.

Earlier, the Head of Service in Osun State, Sunday Owoeye, expressed delight at the state’s commitment to the welfare of workers.

Also speaking, the Permanent Secretary, Bureau of Local Government Staff Pension, Kayode Afolabi, said the Contributory Pension Scheme was aimed at assisting civil servants to save toward their retirement.