FG Approves N758 Billion Bond to Clear Pension Arrears, €30 Million Loan for Student Housing

The Federal Executive Council (FEC) yesterday approved the issuance of a N758 billion bond to clear pension arrears for retirees.
The approval was granted during the Federal Executive Council (FEC) meeting at the State House, Abuja.
The Debt Management Office (DMO) was mandated to raise the funds for the payment of the arrears under the Defined Benefit Scheme, which preceded the Contributory Pension Scheme introduced in 2004 and reviewed in 2014.
Also, a 30 million Euro loan was approved for students’ housing scheme.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters after the meeting chaired by President Bola Ahmed Tinubu, that the move would address the financial burden of retirees who are waiting for their entitlements.
FEC also approved a €30 million concessional loan from the French Development Agency (AFD) to support student accommodation projects.
The financing will be implemented in collaboration with Family Homes Limited, the government’s partner for the initiative.
The concessional loan is expected to improve student housing conditions across the country, aligning with the administration’s commitment to enhance educational infrastructure.