N9.24bn Life Insurance: Impressive Move as Buhari Okays Funds for Civil Servants
- Apart from pensions, Nigerian civil servants will now have life insurance which has been approved by the federal government
- The Federal Executive Council (FEC) on Wednesday, December 14, approved the sum of N9.24bn for the insurance
- The minister of finance, Zainab Ahmed, told reporters in Abuja after the FEC meeting that the fund is for 2022 and 2023
PAY ATTENTION: How media literate are you? Click to take a quiz – bust fake news with Legit.ng!
Abuja - The federal government has approved N9.24bn for 2022/2023 Group Life Insurance Cover for public servants.
Daily Trust reports that the fund was approved for disbursement during the Federal Executive Council meeting held on Wednesday, December 14.
Source: Facebook
As stated by the minister of finance, budget, and national planning, Zainab Ahmed, who disclosed this to reporters after the FEC meeting, the insurance was for all government officials.
Zainab explained that the insurance will take effect from the date of payment.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
The minister 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 for the insurance cover for 2022 to 2023.
“As you know, the insurance will take effect from the date of payment in Nigeria. By our laws, the insurance cover is 30% 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."
Top government official speaks on Buhari's salary, other civil servants who earn more than the president
President Muhammdu Buhari earns a lower salary than most civil servants working in various government establishments, the chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Muhammed Shehu, said.
Shehu while speaking on Channels Television's Sunrise Daily affirmed that some civil servants are on better remuneration than the president.
The RMAFC chairman noted that staff of government agencies like the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Communications Commission (NCC), the Nigerian Ports Authority (NPA), and the Central Bank of Nigeria (CBN), amongst others, earn salaries and benefits larger than to the president takes home annually.
Source: Legit.ng
