CEM REPORT, GOVERNANCE | The Federal Executive Council, (FEC) chaired by Vice President Yemi Osinbanjo has approved N9.24 billion for the 2022/2023 Group Life Insurance Cover for Nigeria public servants.
This is according to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, while briefing State House correspondents at the end of the Council meeting on Wednesday at the Council Chamber, Presidential Villa, Abuja.
She said the approval was given upon presentation of a memorandum to the Council by the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan
She explained that the nsurance is meant to cover all government officials.
“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.