The Federal Government will issue N758 billion in bonds to clear outstanding pension debts under the old Defined Benefit Scheme, Minister of Finance Wale Edun announced Tuesday after the 23rd Federal Executive Council meeting in Abuja.

“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,” Edun said. He noted that the liabilities accrued over years due to wage increases and that clearing them would bring “tremendous relief to the beneficiaries.”

Additionally, the council approved a €30 million (N46.3bn) concessional loan from the French Development Agency to fund sustainable, clean-energy-based student housing in tertiary institutions. “It is for student tertiary accommodation at project sites throughout the country,” Edun stated, citing the acute shortage of student housing.

The FG also approved the National Single Window Project to enhance Nigeria’s export efficiency and global competitiveness, particularly under the African Continental Free Trade Agreement. The project, which will improve government revenue collection, will be implemented over 24 months.

In health, the council ratified Nigeria’s accession to the African Medicines Agency Treaty, aligning with 26 other African nations to strengthen regulatory oversight and expand market access for pharmaceutical products.

Furthermore, the FG approved N12 billion for the procurement of major diagnostic equipment for teaching hospitals nationwide, including MRI machines and CT scanners. Minister of Health Prof. Ali Pate emphasized that these investments signal a transformation in Nigeria’s healthcare system.

“You can see that gradually, piece by piece, we have been building our health infrastructure. People are now beginning to come from the region to Nigeria and receive quality healthcare,” he said.