FEC approves N9.24bn life insurance cover for public servants
December 14, 2022120 views0 comments
By Olivia Nnorom
The Federal Executive Council (FEC) has approved N9.24 billion for the 2022/2023 Group Life Insurance cover for public servants.
Zainab Ahmed, the minister of finance, budget and national planning, disclosed this to newsmen after the week’s Council meeting, presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.
Ahmed, who spoke on the approval of the memorandum, said that the insurance is meant to cover all government officials, military and intelligence agencies. According to her, the memo was presented to the Council by Folashade Yemi-Esan, the Head of the Civil Service of the Federation, for the period 2022 to 2023.
According to the finance minister, the insurance covers all government officials in all government agencies, including military and intelligence agencies.
Speaking further on the insurance cover, she said; “As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30% of the annual emolument of any staff of government that is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff.”