The Federal Executive Council (FEC) has approved the issuance of a N758 billion bond to settle outstanding pension liabilities for federal pensioners across all categories. The approval, granted on the second day of the FEC meeting in Abuja, will allow the Debt Management Office (DMO) to raise funds to address pension arrears under the old Defined Benefit Scheme, which preceded the current contributory pension system introduced in 2004.
In addition to the pension bond, FEC also approved a €30 million concessional loan from the French Development Agency (AFD) aimed at improving student accommodation across Nigeria.
N203 Billion for Major FCT Infrastructure Projects
FEC further authorized N203.6 billion for six major infrastructure projects in the Federal Capital Territory (FCT). These projects, designed to improve road networks, water supply, and control erosion, are part of the government’s broader infrastructure development agenda. Notably, Minister of State for the FCT, Dr. Mariya Bunkure, revealed that one of the key projects includes the construction of access roads and erosion control in Kaura District, valued at N13.18 billion.
Plans to Finalize Lagos-Ibadan Expressway Project
As part of its infrastructure drive, FEC also discussed the ongoing Lagos-Ibadan Expressway project, valued at N213 billion. Minister of Works, Dave Umahi, emphasized that the government would take over any unfinished sections of the expressway by April, with a N30 billion allocation set to finalize the project.
Nationwide Road Contracts Approved
Additionally, FEC approved 14 major road contracts worth N242.148 billion across Nigeria. Among the approved projects are road constructions in several states, including the Agaye-Kachia-Baro Road in Niger State and the Kaduna-Jos Road in Kaduna and Plateau states.