FEC Approves N758 Billion Bond to Settle Pension Liabilities

The Federal Executive Council has approved the issuance of a N758 billion bond to clear outstanding pension liabilities, offering long-awaited relief to retirees. Minister of Finance, Wale Edun, announced the decision after Tuesday’s FEC meeting, chaired by President Bola Tinubu at the Presidential Villa in Abuja.  

The approval comes weeks after retired military personnel staged a protest over unpaid entitlements. The government had previously settled 50% of the outstanding pension payments in December and assured retirees that the remaining balance would be paid. The Debt Management Office has now been authorized to raise the bond to clear all backlogs under the defined benefit scheme.  

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Meanwhile, the council also approved the implementation of the National Single Window Project, aimed at streamlining trade processes and boosting Nigeria’s international competitiveness. The project, expected to take up to two years to implement, will introduce digital solutions to enhance the ease of doing business and facilitate exports.  

According to Edun, the initiative aligns with Nigeria’s push under the African Continental Free Trade Agreement (AfCFTA) to strengthen its trade position within ECOWAS and across the continent. The government expects the project to increase revenue and improve efficiency at ports and border crossings.