The Federal Government has approved a N758 billion bond to settle outstanding pension arrears, offering significant relief to retirees.
The approval was granted during Tuesday’s Federal Executive Council (FEC) meeting at the State House in Abuja, allowing the Debt Management Office (DMO) to secure the necessary funds to address pension liabilities under the Defined Benefit Scheme. This scheme, which preceded the contributory pension system introduced in 2004 and amended in 2014, covers retirees who served before the transition.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this development during a press briefing after the FEC meeting presided over by President Bola Ahmed Tinubu. He emphasized that the initiative is aimed at easing the financial burdens faced by retirees awaiting their entitlements.
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