The Federal Executive Council (FEC), on Wednesday, approved N9.24 billion for the 2022/2023 Group Life Insurance Cover for federal civil servants.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the Council meeting presided over by Vice President Yemi Osinbajo, at the Council Chamber, Presidential Villa, Abuja.
Mrs. Ahmed, who spoke on the approval of the memorandum, which she said was presented to Council by the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan, explained that the insurance is meant to cover all government officials.
She said: “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 per cent 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.