He made the announcement on Tuesday while presenting the government’s budget proposal for the 2021 fiscal year to members of the Lagos State House of Assembly in Alausa, Ikeja.

The law provides for the payment of pension and other entitlements to former governors and their deputies.

“We will be sending an executive bill in a couple of weeks to this honourable house to repeal the pension law.

“This pension law is for pension paid to former public officers such as the former governors and former deputy governors

“The repeal of the act is due to the dwindling revenue to the state government’s account,” he said.

The Lagos House of Assembly passed a pension bill for erstwhile governors and their deputies.

According to this law, the governor is entitled to N30 million pension annually, a house in Lagos and Abuja, six brand new cars every three years, medical allowances in any part of the world and other allowances.