From Victor Osula, Abuja
The Federal Executive Council has approved the issuance of a N758 billion bond through the Debt Management Office to raise funds needed to clear pension arrears.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to State House correspondents after the council meeting, chaired by President Bola Tinubu on Tuesday in Abuja.
Edun said the move would address the financial burden faced by retirees awaiting their entitlements.
Similarly, the FEC also approved a €30 million concessional loan from the French Development Agency to support student accommodation projects.
Edun said the financing will be implemented in collaboration with Family Homes Funds Limited, to deliver sustainable, clean energy-based housing solutions at multiple project sites across the country.
“This intervention is critical given the acute shortage of student housing in tertiary institutions,” he said.
The minister also said FEC approved the implementation of the National Single Window Project, a key initiative designed to streamline Nigeria’s trade processes and enhance international competitiveness.
The project, which will take 12 to 24 months to fully implement, includes the delivery of hardware, software, and e-government solutions.
According to Edun, the project will improve the ease of doing business, facilitate faster exports, and enhance revenue generation for the government.
“It speaks to increasing government revenue, both through foreign exchange and tax collection, while improving the productivity of the Nigerian economy,” he said
He added that the project aligns with Nigeria’s strategic push under the African Continental Free Trade Agreement to become a dominant player within ECOWAS and the African continent.
Edun however stressed that the economic management team will harmonise the newly approved projects to ensure they align with Tinubu’s priorities of job creation, poverty reduction, and economic growth.
Immediate areas of focus include food security, fiscal sustainability, energy security, and timely implementation of the national development plan.