The Federal Executive Council (FEC) on Wednesday, approved the sum of N9.24 billion for the 2022/2023 Group Life Insurance Cover for Nigeria public servants.
Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known to newsmen after the weekly Federal Executive Council (FEC) meeting, which was presided over by Vice-President Yemi Osinbajo, at the Presidential Villa, Abuja.
The approval follows the presentation of a memo by Dr. Folasade Yemi-Esan, CFR, Head of the Civil Service of the Federation to Council.
Her words: “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 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.”