On Wednesday, the Federal Executive Council, or FEC, approved N9.24 billion for the Nigerian public sector’s 2022–2023 group life insurance cover.
This was revealed by Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, during the Council meeting in the Council Chamber of the Presidential Villa in Abuja, which was chaired by Vice President Yemi Osinbajo.
The Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan, presented the memorandum to Council, according to Mrs. Ahmed, who spoke on the approval of the document. She went on to explain that the insurance is intended to cover all public servants.
According to her, “The Head of Service of the Federation presented a memo to Council on Group Life Insurance Cover for the period 2022 to 2023. This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies. Council approved the total sum of N9.24 billion naira for the insurance cover for 2022 to 2023.
“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”, she said.
Details later…
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