EKITI UNIVERSITY SPENDS N4.88BN ON PENSION, GRATUITY SINCE 2021

Bamidele Olumilua University of Education, Science and Technology, Ikere Ekiti, has disclosed that it has spent N4.88bn on pension and gratuity obligations since 2021. The university’s Vice-Chancellor, Prof. Andrew Omojola, made the disclosure while responding to concerns raised by pensioners over delays in the payment of their monthly pensions.

Some pensioners of the institution staged a protest on Monday, September 14, following delays in the payment of their pension benefits. Omojola said the university acknowledged the concerns of the retirees and assured them that the delay was not deliberate, attributing it to a shortage of funds and a technical upgrade of the payment gateway by the institution’s bankers.

According to the Vice-Chancellor, the university currently owes pension payments for August 2026 as well as 50 per cent of the July 2026 pension. He said management was working to settle the outstanding payments and expressed hope that the August pension would be paid on or before September 19, alongside the remaining half of the July payment.

Giving a breakdown of the N4.88bn expenditure, Omojola said N3.939bn was spent on monthly pensions, while N570.693m went to gratuity payments. The university also spent N205.069m on death pension and N165.094m on pension arrears during the five-year period.

The Vice-Chancellor said the university remained committed to the welfare of its retirees and acknowledged their years of service to the institution. He appealed to the pensioners to remain calm while the payment process was completed and urged the public to disregard claims that the university had abandoned its pension responsibilities.