The Federal Executive Council (FEC) has approved the sum of N9.24 billion for 2022/2023 Group Life Insurance Cover for public servants, following the presentation of a memorandum by the Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan.
The approval was disclosed to State House correspondents by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed shortly after the Council’s meeting which was presided over by Vice President, Yemi Osinbajo.
She said, “The Head of Service of the Federation presented a memo to the 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 percent of the annual emolument of any staff of the government is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff”.
