The Federal Executive Council (FEC) has approved the issuance of a ₦758 billion bond to clear outstanding pension arrears under the Defined Benefit Scheme.

The Debt Management Office (DMO) has been tasked with raising the funds to settle accrued liabilities, ensuring retirees receive their entitlements.

Minister of Finance, Wale Edun, explained that the bond would ease the financial burden on pensioners whose payments had been delayed due to wage adjustments and economic constraints. 

Additionally, FEC approved a €30 million concessional loan from the French Development Agency (AFD) to enhance student housing nationwide.

The council also approved the National Single Window Project, a digital initiative aimed at boosting Nigeria’s trade competitiveness and government revenue.

Edun emphasized that these measures align with President Bola Ahmed Tinubu’s priorities of economic stability, job creation, and infrastructure development.