ABUJA, NIGERIA — Bank of Agriculture (BOA) has announced plans to clear long-standing pension arrears owed to retired workers of the institution.
The Managing Director of the bank assured pensioners that efforts are underway to settle outstanding pension backlogs amounting to 53 months.
According to the bank’s management, the unpaid entitlements total about N257.18 million.
The development comes amid growing concerns among pensioners over delays in the payment of retirement benefits and welfare obligations.
BOA management said the institution recognizes the hardships faced by retired workers and remains committed to resolving the lingering pension issues.
Officials explained that steps were being taken to ensure that affected pensioners receive their outstanding payments as soon as possible.
The bank noted that discussions and financial arrangements are ongoing to address the backlog in a sustainable manner.
Pensioners had reportedly expressed frustration over the prolonged delay, with many calling for urgent intervention from the authorities.
Labour advocates and retirees’ groups have repeatedly warned that delayed pension payments worsen the economic difficulties faced by elderly citizens.
Nigeria’s rising inflation and cost of living have further increased pressure on pensioners who depend on monthly benefits for survival.
Economic experts say pension delays continue to affect thousands of retirees across several government institutions and agencies.
Analysts also note that many pensioners struggle with healthcare costs, housing expenses, and family responsibilities due to irregular payments.
The Bank of Agriculture plays a strategic role in supporting agricultural financing and rural development across Nigeria.
The institution has historically provided loans and financial support to farmers, agribusinesses, and cooperatives to boost food production and economic growth.
Observers believe resolving pension issues within the bank could improve staff morale and restore confidence among both workers and retirees.
The announcement has generated cautious optimism among pensioners who hope the promises will translate into immediate action.
Retirees affected by the backlog are expected to closely monitor the implementation of the payment plans announced by management.
Labour groups have continued to urge federal institutions to prioritize pension obligations and protect retired workers from financial hardship.
Experts argue that timely payment of pensions is critical to maintaining social welfare and preserving trust in public institutions.
Attention now turns to when the Bank of Agriculture will begin disbursing the outstanding arrears to affected pensioners.
