- Secures €30m loan for students’ housing
- US, UK patients now seek medical care in Nigeria — Pate
The Federal Executive Council on Tuesday approved the Debt Management Office request to raise a N758 billion bond to clear the backlog of pension liabilities for all categories of pensioners.
FEC also approved a €30 million long-term concessional financing by the French Development Agency to support students in the area of accommodation, in conjunction with Family Homes Limited as the partner and implementer.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing newsmen at the end of the Council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
The minister said that the N758 billion approvals to clear pension liabilities will provide relief to the beneficiaries who were owed funds under the defined benefit system that preceded the contributory pension scheme, which came into force in 2004 and was updated with a new act in 2014.
He explained that people who were on a 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.
He said, “Secondly, and equally important in addressing the issue of social interventions, is one regarding pensions. There was an approval for the government, through the Debt Management Office, to raise a Federal Government bond of about N758 billion.
“And that is to clear up the backlog of pension liabilities owed to various categories of pensioners who are owed funds under the defined benefit system that preceded the defined contributory pension scheme, which came into force in 2004 and, of course, was updated with a new act in 2014.
“There were some accrued liabilities that had been building up over time. So, for example, someone who was on a 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.
“This liability built up to a point where it was not going to be easy to pay them down on an ongoing basis. So, to clean up that important area and to give people their right, which is the payment of pension liabilities as and when due, the government has put in place an approval for the Debt Management Office to raise N758 billion that will pay down all these liabilities and, of course, be a tremendous relief to the beneficiaries.”
The minister said quite a large number of memos were presented for approval, which had to do with completing or implementing the draft borrowing plan yet to be finalized but to be implemented during the course of the year after the finalization of appropriation.
He said, “I will just highlight particular approvals. First of all, a €30 million long-term concessional financing by Axon France, the French Development Agency, which is supporting student housing in conjunction with Family Homes Limited as the partner and implementer.
“It is for tertiary student 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 for students, given the shortage.”
On economic growth and economic resilience, he said, “An approval has been given for the all-important National Single Window Project. The technology providers and hardware suppliers have been approved for the implementation of the project.
“Some aspects will take 12 months for the delivery of the hardware and for complete implementation, including the software solutions, the technology solutions, and the e-government solutions, which will take up to 24 months. This project not only speaks to improving economic competitiveness and the international ability to export efficiently but also to increasing government revenue.
“So, on the fiscal side, it is both revenue-earning in terms of foreign exchange and government revenue. It speaks to the increased productivity of the Nigerian economy, as I said before, and increased international competitiveness at a time when, under the African Continental Free Trade Agreement, Nigeria is pushing to be a big player, both in the ECOWAS region and on the African continent.
“Why that is particularly important is that we are all seeing that the world is moving away from open trade and from a rules-based World Trade Organization-led world trading environment to a more closed environment. Therefore, regional and continental markets will be much more important for Nigeria.
“Finally, we also commented that, given the plethora of approvals granted today, there was also an assurance that the economic management team is going to harmonize, synthesize, synchronize, and very much prioritize these different approvals in an orderly fashion in line with Mr. President’s priorities.
“First of all, to attract investment that will grow the economy, create jobs, and reduce poverty. But more importantly, to also focus on his immediate priorities for stabilizing the economy now and implementing measures that will strengthen the Nigerian economy and create jobs in the near term.
“Such as strengthening food security, enhancing the fiscal condition—including, as we have seen, the revenue benefits that can come from the National Single Window Project—improving energy security, strengthening social protection, and enhancing economic competitiveness, as I said earlier.
“And finally, ensure the timely implementation of the new national development plan so that we all have a framework within which to implement various government programs and policies, and also to be able to show all stakeholders the direction in which the government is going.
“As we clearly know, the benefits of the reforms are beginning to come through. There is greater fiscal strength and increased competitiveness of the Nigerian economy.”
US, UK patients now seek medical care in Nigeria — Pate
Also, the Federal Government on Tuesday revealed that Nigeria is steadily being positioned as a growing hub for quality healthcare and it is now attracting patients not just from the West African sub region but also from countries as far as the United States and the United Kingdom.
This is according to the Coordinating Minister of Health and Social Welfare, Prof Muhammad Ali Pate, who spoke to journalists after Tuesday’s Federal Executive Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Pate highlighted key decisions aimed at bolstering Nigeria’s healthcare system.
The most notable was the approval of N12 billion for Magnetic Resonance Imaging, an advanced diagnostic equipment, across six tertiary health institutions.
“People are now beginning to come from the sub region, and even from faraway places like the UK and the US, to receive quality healthcare in Nigeria.
“Despite the challenges we face, significant progress is being made, and the transformation promised by President Tinubu is already taking shape,” Pate said.
He said FEC approved contracts for the procurement and installation of three MRI machines and two CT scanners at: University of Uyo Teaching Hospital (Akwa Ibom), Federal Medical Center, Abeokuta (Ogun State), Obafemi Awolowo University Teaching Hospital (Osun State, Federal Medical Center, Keffi (Nasarawa State, Modibbo Adama University Teaching Hospital (Adamawa State and Federal Teaching Hospital, Kebbi (Kebbi State).
“This investment in critical diagnostic infrastructure is part of a broader effort to expand Nigeria’s health system capacity, ensuring that our tertiary institutions can offer world-class medical services,” Pate noted.
Another key decision from the FEC, he said, was Nigeria’s ratification of the African Medicines Agency (AMA) Treaty, which aims to harmonize medical regulatory standards across the continent.
Adopted by the African Union in 2019, the treaty seeks to improve access to safe, high-quality, and effective medical products through a Pan-African regulatory framework.
“So far, 37 African Union member states have signed the treaty, with 26 having ratified it. Today, the Federal Executive Council directed that Nigeria take all necessary actions to give full effect to this treaty,” Pate stated.
The minister explained that this move would expand Nigeria’s pharmaceutical market beyond national borders, allowing locally manufactured medical products to meet continental standards.
“What we produce here will not just be ‘Made in Nigeria,’ but over time, it will be recognized as ‘Made in Africa.’ This is a significant step towards self-sufficiency in medical products and pharmaceutical industrialization,” he added.
Pate credited President Tinubu’s leadership for driving these reforms, emphasizing that while challenges remain, Nigeria’s health sector is on a path of transformation.
“We are investing in infrastructure, human resources, and regulatory frameworks to create a healthcare system that Nigerians can rely on and that attracts patients from across the globe,” he said.
