By Deborah Nnamdi
The Federal Executive Council, FEC, on Tuesday, approved the Debt Management Office to raise N758 billion bond to clear the backlog of pension liabilities for all categories of pensioners.
FEC also approved a 30 million euro long-term operational financing by France, the French Development Agency to support students in the area of accommodation in conjunction with their families.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing State House correspondents at the end of the FEC 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 would be 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 was updated with a new act in 2014.
Edun explained that people who were on a defined benefit scheme yet to retire would need to top-up their contributions or the amount due to them every time there was a wage increase every five years.
