The Federal Executive Council (FEC) has approved the issuance of a N758 billion bond to clear outstanding pension liabilities, providing long-awaited relief for retirees under the Defined Benefit Scheme.
The approval was granted during Tuesday’s FEC meeting at the State House, Abuja, allowing the Debt Management Office (DMO) to raise funds to settle pension arrears.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing journalists after the meeting, chaired by President Bola Ahmed Tinubu. He noted that the move aims to ease the financial struggles of pensioners who have been waiting for their entitlements.
Under the old Defined Benefit Scheme, retirees require top-ups to their benefits whenever wages are increased, typically every five years. The approved bond will help bridge the gap and ensure that pensioners receive their dues.
€30 Million Loan for Student Accommodation
In a separate development, FEC approved a €30 million concessional loan from the French Development Agency (AFD) to support student housing projects across the country.
The loan is expected to improve accommodation for students, addressing a long-standing challenge in the education sector.
