FG to raise N758bn bond to clear backlog of pension liabilities

—Approves 30m Euro concessional financing from FDA

ABUJA — THE Federal Executive Council, FEC, on Tuesday gave an approval to the Debt Management Office to raise of N758 billion bond to clear backlog of pension liabilities for all categories of pensioners.

FEC also approved a 30 million euro long term concessional financing by a Jones France, the French Development Agency, to support students in the area of accommodation in conjunction with family homes limited as the partner and implementer.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing State House correspondents at the end of Council meeting presided over by President Bola Tinubu at the Council Chamber Presidential Villa Abuja.

The Minister said that the N758 billion approval to clear pension liabilities will serve as a relief to the beneficiaries who were owed funds under the defined benefit system that preceded the contributory pension scheme which came into force in 2004 and updated with a new act in 2014.

Edun explained that people who were on a defined benefit scheme yet to retire would need a top up of their contributions or the amount due to them every time that there was a wage increase every five years.

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