The Federal Executive Council (FEC) has approved a sum of N9.2 billion as a premium for insurance companies that will manage the group life insurance for Federal civil servants.
The weekly FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa in Abuja approved N35,013,831,385 worth of contract including insurance for civil servants.
Information and Culture Minister Lai Mohammed, who announced this to State House Correspondents at the post-FEC briefing, said the memorandum for the group life insurance was presented to the Council by the Head of Civil Service of the Federation, Dr. Folasade Yemi-Esan.
He said: “On behalf of the Head of Civil Service of the Federation, I will like to report that Council today approved the award of contract for the appointment of insurance companies for group life assurance for Federal Government employees, public servants para-military and the intelligence community for the year 2021-2022 in the sum of N9,248.995,907 and this premium is for a period of 12 months.
“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation.”
