The federal government has granted approval for a bond worth N758 billion to address the outstanding pension arrears.
The FEC has given the green light for the release of a N758 billion bond aimed at settling unpaid pension obligations for all types of pensioners, providing much-needed relief to retirees.
The approval, which was given during Tuesday’s FEC meeting at the State House in Abuja, permits the Debt Management Office (DMO) to acquire the necessary funds to address pension arrears associated with the Defined Benefit Scheme. This scheme was in place before the introduction of the current contributory pension system in 2004, which was later amended in 2014.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shared this information during a press briefing following a meeting led by President Bola Ahmed Tinubu. He emphasized that this initiative aims to alleviate the financial challenges encountered by retirees who are pending their entitlements.
