FEC Approves N2.7tn For Pension, Contractors, Other Arrears

As part of resolutions reached at the FEC meeting which was presided over by Acting President Yemi Osinbajo on Wednesday in Abuja, the council has approved the sum of N2.7tn to offset debt obligations of the federal government accumulated over the past two decades.

This was announced by the Minister of Finance, Kemi Adeosun, while briefing State House correspondents after the FEC meeting on Wednesday.

Naija News learnt that N740 billion out of the money is meant for paying outstanding pensions and promotional salary arrears to civil servants, some of the remaining N1.93 trillion to offset the dues of federal government to contractors and suppliers, and the rest for other obligations.

Reports also have it that the federal government would seek legislative approval before implementing the project.