The Federal Executive Council (FEC) approved the sum of N9.2 billion as premium to insurance companies managing group life insurance for federal civil servants.
This was disclosed by Minister of Information and Culture, Lai Mohammed, at a State House briefing with correspondents after the FEC meeting in Abuja on Wednesday.
What the Minister said
“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.
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 added.
Insurance companies collected premiums estimated at about N164 billion in 2020, which is a 24.2% rise from the N132 billion recorded in 2019.