FEC Approves N9.24 Billion Life Insurance For Federal Public Servants
Federal Executive Council (FEC) has approved N9.24 billion for the group life insurance for federal public servants for the 2022/2023 period.
Finance Minister, Zainab Ahmed, made this known while addressing the state house correspondents after the meeting held at the presidential villa, presided over by Vice President Yemi Osinbajo.
She explains that the insurance policy covers all officials in the federal ministries, parastatals, departments and agencies, as well as para military and intelligence agencies.
The minister says the policy covers 30 percent of the annual emolument of any public servant who died, payable by the insurance firms to the beneficiaries of the late officials.