The Federal Executive Council (FEC) has approved N9.2 billion as premium for insurance companies that would manage the group life insurance for federal civil servants in the country.
Minister of Information and Culture, Mr Lai Mohammed, said this at the end of the weekly FEC meeting chaired by President Muhammadu Buhari.
“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,” he said.
The minister said the council also approved N18.1 billion for the Ministry of Industry, Trade and Investment for the development of infrastructure at Kano and Calabar Free Trade Zones, the textile and garment park in Lagos and the Special Economic Zone in Lekki–Lagos.
He said the approval was of critical importance to the infrastructure development plan of the country.