The Federal Government has approved a life insurance cover for its civil servants worth N9.24bn.
The Federal Executive Council, on Wednesday, approved the sum for the 2022/2023 Group Life Insurance Cover for civil servants for 2022 and 2023.
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this to State House Correspondents after a Council meeting at the presidential villa this week, chaired by Vice President, Yemi Osinbajo.
Ahmed said that the Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan, presented the memo to the council and approved insurance package will 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 N9.24bn 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.”