The Federal Government has announced plans to issue bonds worth ₦758 billion to settle outstanding pension liabilities under the old Defined Benefit Scheme.
Speaking after the 23rd Federal Executive Council (FEC) meeting in Abuja on Tuesday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the bonds would clear pension arrears accumulated before the 2004 introduction of the Contributory Pension Scheme.
“These liabilities have built up over the years due to periodic wage increases. This initiative will bring much-needed relief to pensioners,” Edun said.
The council also approved a €30 million (₦46.3 billion) concessional loan from the French Development Agency to support student housing. The initiative, executed by Family Homes Fund Limited, aims to address Nigeria’s student accommodation crisis with sustainable, clean-energy housing solutions.
In the healthcare sector, FEC allocated ₦12 billion for major diagnostic equipment in tertiary hospitals, including MRI machines and CT scanners. Beneficiary institutions include teaching hospitals in Uyo, Ile Ife, Yola, and Kebbi, as well as Federal Medical Centers in Abeokuta and Keffi.
Additionally, the council ratified the African Medicines Agency Treaty to enhance Nigeria’s pharmaceutical regulatory framework, improving access to high-quality medical products across Africa.
The government also approved the National Single Window Project to enhance trade efficiency, boost revenues, and improve Nigeria’s global competitiveness under the African Continental Free Trade Agreement.
“These initiatives align with the administration’s commitment to economic stability, investment attraction, job creation, and improved social services,” Edun stated.