FEC Approves Life Assurance For Workers As Students Loan Underway

The Federal Executive Council (FEC) has approved the payment of renewal fees for Group Life Assurance for Federal Government workers.

This is even as the Federal Government has concluded plans to commence the disbursement of loans to students.

Minister of Information and National Orientation, Alhaji Mohammed Idris disclosed this on Wednesday at the end of the maiden 2024 council meeting in Abuja.

He said that the approval for payment of life assurance was sequel to a memo submitted to the council by the Head of the Civil Service of the Federation, Dr Folasade Yemi-Esan.

Idris informed that President Bola Tinubu approved about N9.6 billion for 12 local insurance firms to cover the Federal workers in case of unforeseen eventualities in the course of their duties.

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

He pointed out that the approval was part of the administration’s determination to accord all Federal workers the needed reward that would improve efficiency, productivity and service delivery to Nigerians.

Minister of State for Education, Dr Yusuf Sununu revealed that the January date for the take-off of the students loan is sacrosanct, saying that a website was already created for interested student with requisite criteria.

He stated that government set aside funding for students loan in the 2024 budget.

Sununu noted that the council approved the setting up of foreign institution campuses in the country to increase enrollment of Nigerians and encourage research among higher institutes worldwide.

The minister informed that a guideline was already established to standardise the training of local campuses with the parent institution abroad.

He stated that the policy would also save the nation of scarce foreign exchange taken abroad instead of being used for national development.

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