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FG to Issue N758bn bonds to settle pension arrears

Onwubuke Melvin
Onwubuke Melvin

The Federal Government has announced plans to issue bonds worth N758bn to settle accumulated pension debts.

This includes arrears under the old Defined Benefit Scheme prior to the introduction of the Contributory Pension Scheme in 2004, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who spoke to journalists on Tuesday in Abuja.

Edun maid this disclosure to pressmen after the 23rd Federal Executive Council meeting at the Aso Rock Villa in Abuja.

He explained that, after reviewing plans to address outstanding pension liabilities, the Federal Government, through the Debt Management Office, will issue bonds worth approximately N758bn to clear accumulated pension debts owed under the old Defined Benefit Scheme.

He explained that these liabilities accumulated over the years due to periodic wage increases.

Clearing them, he said, would provide long-overdue relief to the affected pensioners.

“An equally important issue of social interventions is pensions. There was approval for the government, through the Debt Management Office, to raise a Federal Government Bond of about N758bn.

“That is to clear up the backlog of pension liabilities owed various categories of pensioners who are owed funds under the defined benefit system that preceded the defined contributions, the Contributory Pension Scheme that came into force in 2004 and was updated with a new act in 2014.

“There were some accrued liabilities which were building up over time. So, for example, someone who was on the defined benefit scheme yet to retire would need a top-up of their contributions or the amount due to them every time there was a wage increase, every five years or so. So, this liability built up to a point where it would not be easy to pay them down on an ongoing basis.

“So, to clean up that critical area and to give people their right, which is the payment of their pension liabilities as and when due, the government has put in place an approval for Debt Management Office to raise N758bn that will pay down all these liabilities and of course, be a tremendous relief to the beneficiaries,” Edun said.

The council also approved a €30m (N46.30bn) long-term concessional financing agreement with the French Development Agency.

Edun clarified that the funding, in partnership with Family Homes Fund Limited as the executing agency, is intended to provide sustainable, clean-energy-based student housing across tertiary institutions nationwide, addressing the severe shortage of student accommodations.

“We had a €30m long-term concessional financing by a French Development Agency, which is supporting student housing in conjunction with Family Homes Fund Limited as the partner and implementer.

“It is for student tertiary accommodation at project sites throughout the country to provide sustainable and clean energy-based accommodation for students; we all know what an important intervention that is for the educational sector and students, given the shortage,” he noted.


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