Makinde Approves Start of Contributory Pension Scheme in Oyo

Oyo State Governor Seyi Makinde has authorized the immediate launch of the Contributory Pension Scheme (CPS) in the state.

Mr. Tunji Adekunle, Chairman of the Oyo State Pensions Board, announced the decision on Wednesday through a circular issued by the Permanent Secretary of the Post‑Service Board, Rev. Victor Adesola. The circular, referenced as OYPB/G/24/VOL.IV/11, was sent to all stakeholders, including Ministries, Departments and Agencies (MDAs), as well as civil and public servants, to inform them of the scheme’s rollout.

According to Adekunle, the CPS will apply to officers who join the Oyo State service starting on 1 January 2025, with the scheme officially commencing on 1 July 2026.

The pension contribution rates will be 12 % from the employer (the Oyo State government) and 8 % from the employee, consistent with the state’s approved contributory structure.

He added that the government will ensure the immediate payment of accrued benefits to all affected employees once the scheme begins.

Adekunle directed all MDAs to submit a comprehensive list of employees recruited into the Oyo State civil and public service from 1 January 2025. He also required each ministry, department and agency to appoint a pension desk officer to act as a liaison between the MDA and the board.

“This measure is aimed at facilitating effective coordination, capacity building, accountability and the seamless processing of all matters relating to the Contributory Pension Scheme,” he said. “The details of the nominated desk officer should include full name, designation/post, grade level, WhatsApp number, email address and phone number.”

The circular also instructed that all requested information and relevant documents be submitted to the board by 22 June.

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