The Federal Government has announced plans to issue bonds worth N758 billion to settle accumulated pension debts under the old Defined Benefit Scheme. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this after the 23rd Federal Executive Council (FEC) meeting in Abuja.
The funds, to be raised through the Debt Management Office (DMO), will clear outstanding pension liabilities that have built up over the years due to periodic wage increases. Edun explained that the move will bring much-needed relief to affected pensioners.
“There were some accrued liabilities which built up over time… To clean up that critical area and to give people their right, the government has put in place an approval for the DMO to raise N758bn,” Edun said.
The council also approved a €30 million (N46.3 billion) long-term concessional financing deal from the French Development Agency to provide clean-energy-based student housing across Nigerian tertiary institutions. The project, executed by Family Homes Fund Limited, aims to address Nigeria’s acute student accommodation crisis.
To improve Nigeria’s export competitiveness, the council approved the National Single Window Project, a digital system aimed at streamlining trade processes. The project, expected to be completed in 24 months, will enhance government revenue and Nigeria’s standing in the African Continental Free Trade Agreement (AfCFTA).
“This will increase productivity, revenue, and international competitiveness, ensuring Nigeria becomes a key player in the ECOWAS region and the continent,” Edun noted.
The council ratified Nigeria’s membership in the African Medicines Agency (AMA), an AU-led initiative to improve regulatory standards for medical products across the continent. This will expand Nigeria’s pharmaceutical market and boost exports of locally manufactured drugs.
The government also approved N12 billion for the procurement of critical diagnostic equipment for tertiary healthcare institutions. This includes three MRI machines and two CT scanners, which will be distributed to six federal hospitals across the country.
“Nigeria’s health infrastructure is steadily advancing… We’re seeing more people, even from the UK and the US, coming to Nigeria for healthcare,” said Coordinating Minister of Health and Social Welfare, Prof. Ali Pate.
Edun emphasized that all these initiatives align with President Bola Tinubu’s economic vision of attracting investment, creating jobs, reducing poverty, and enhancing food and energy security.
With the approval of these key policies, the government aims to boost fiscal stability and drive economic transformation across multiple sectors.
