₦airaland Forum

The Federal Executive Council (FEC) has approved the issuance of a N758 billion bond to clear outstanding pension liabilities for all categories of pensioners, offering long-awaited relief to retirees.

The approval, granted during Tuesday’s FEC meeting at the State House, Abuja, allows the Debt Management Office (DMO) to raise the 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.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed this while briefing journalists after the meeting chaired by President Bola Ahmed Tinubu, said the move would address the financial burden faced by retirees awaiting their entitlements.

He explained that under the old Defined Benefit Scheme, some pensioners who had not yet retired required top-ups to their benefits whenever wage increases occurred, typically every five years.

In a separate development, FEC also approved a €30 million concessional loan from the French Development Agency (AFD) to support student accommodation projects.

TimeManager:
This would cover years of backlog, thank you Mr President.


-Kiss the truth!

helinues:
Good

Na because of good news like this some people have been having restless days

Wetin concern us, Nigeria is progressing, that's the koko

History555:
If fg needs to raise funds for pensions, what happened to all the pensions deducted from their salaries

ValarDoharis:
Where are the monies saved from subsidy removal? Why borrowing more?

helinues:
You go ask questions tired.

Sha no have running stomach in the process

ValarDoharis:
Hope you know bond is borrowing with high interest?

ValarDoharis:
Answer the question. Tilumbu has almost doubled national debt in less than two years.
What a corrupt government

bassdow:
dfd

TimeManager:
Nigeria is issuing the bond, we set the interest rate. Educate yourself, everything is not wailing.


-Kiss the truth!

helinues:
You are only talking about debt, how about how he has trippled wailing for the wailers as the development projects are being scattering across the Nigeria regions .

Una never see shomething