WED FEB 05 2025-theGBJournal|The Federal Executive Council (FEC) on Tuesday approved the issuance of a N758 billion bond to offset outstanding pension liabilities for all categories of federal pensioners, the Minister of State for the FCT, Dr. Mariya Bunkure revealed while briefing newsmen at end of the two-day FEC meeting.
The approval will allow the Debt Management Office (DMO) to raise funds needed to settle pension arrears under the Defined Benefit Scheme – the system that preceded the current contributory pension scheme introduced in 2004 and amended in 2014.
FEC, chaired by President Bola Tinubu, also approved a €30 million concessional loan from the French Development Agency (AFD) to support students’ accommodation projects. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the approvals to newsmen after the FEC meeting chaired by President Bola Tinubu.
FEC at the meeting also approved N203.6 billion for six key infrastructure projects in the Federal Capital Territory (FCT), aimed principally to improve road network and water supply, as well as control erosion.
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