FEC approves N9bn life assurance for workers, assures commitment on student loan

President Bola Tinubu has approved the payment of Group Life Assurance renewal payments for federal government employees.

Mohammed Idris, the Minister of Information and National Orientation, revealed this on Wednesday at the conclusion of the Federal Executive Council’s (FEC) first meeting of 2024, which was held in Abuja.

He explained that this was a follow-up to a note that was presented to the council by Folasade Yemi-Esan, the Head of the Federation’s Civil Service.

The minister went on to say that the president had given 12 local insurance companies permission to receive roughly N9.6 billion so they could insure government employees against unanticipated events that might arise while they were performing their jobs.

“There are about 12 insurance companies involved. It is a normal annual cover that insurance companies give workers. So, in the event of death or severe injury, they can resort to and so that their families would not have to suffer,’’ he said.

According to Idris, the administration’s decision to grant all of its employees the necessary compensation would enhance productivity, efficiency, and the quality of services provided to Nigerians.

Speaking about student loans, Yusuf Sununu, the minister of state for education, stated that the January deadline for the loan’s initiation remained intact and that a website was already operational for students who met the necessary requirements.

He emphasised that money for it had been allocated by the government in the budget for 2024.

In order to boost the number of Nigerian students enrolled and promote research at higher education institutions across the globe, Mr. Sununu also revealed that the council had approved the establishment of foreign institution campuses in the nation.

According to him, guidelines have been established to guarantee that the training delivered on local campuses is equivalent to that of the parent school overseas.