The federal government has approved the sum of N9.24 billion for the 2022/2023 life insurance cover for civil servants.
The minister of finance, budget and national planning, Zainab Ahmed, disclosed this after the Federal Executive Council (FEC) meeting, which was presided over by vice-president Yemi Osinbajo, at the presidential villa, on Wednesday, December 14.
Ahmed, while speaking on the approval of the memorandum, said that it was presented to the council by the head of the civil service of the federation, Folashade Yemi-Esan, The Nation reports.
The minister added that the insurance is meant to cover all government officials.
Ahmed said that, “The head of service of the federation presented a memo to the council on group life insurance cover for the period of 2022 to 2023.
“This is an insurance cover that will cover all officials in all government agencies, military and intelligence agencies.
“The council approved the total sum of N9.24 billion for insurance cover for 2022 to 2023.
“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 government staff that is deceased and this cover will be paid by the insurance company to the beneficiaries of the deceased staff,” she added.
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