The Federal Executive Council (FEC) has given its approval for the payment of N9.6 billion renewal fees for the Group Life Assurance covering federal government employees.
Mohammed Idris, the Minister of Information and National Orientation, revealed this information on Wednesday following the conclusion of the initial 2024 FEC meeting presided over by President Bola Tinubu in Abuja.
He indicated that this represented a continuation of discussions initiated by a memo from Dr Folasade Yemi-Esan, the Head of the Civil Service of the Federation.
He said the President 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 and so that their families would not have to suffer,’’ he said.
According to Idris, the approval signifies the administration’s dedication to ensuring that every employee receives the necessary recognition, fostering increased efficiency, productivity, and improved service delivery to the people of Nigeria.
Student Loan to Commence January
In addition, Dr Yusuf Sununu, the Minister of State for Education, affirmed that the commencement of the student loan in January remains unchanged, and a functional website is already operational for eligible students interested in applying.
He underscored the inclusion of funding in the 2024 budget, signalling the government’s dedication to the cause.
He said that a guideline has been provided to ensure the quality of training on the local campuses is standardized with the parent institution abroad.
He added that the policy would also save the nation from scarce foreign exchange taken abroad instead of being used for national development.
What you should know
- President Bola Ahmed Tinubu said earlier this year that the federal government is set to initiate the distribution of student loans to Nigerians starting in January 2024.
- He stated this during the opening session of the ongoing Nigerian Economic Summit in Abuja.
- During the summit, he emphasized that this initiative aligns with his dedication to alleviating the challenges faced by Nigerians.
- Recent increases in tuition fees by certain higher education institutions have caused concern among students and parents. These concerns are exacerbated by the delay in launching a loan scheme scheduled to have begun earlier.
- The student loan program, which was initiated by President Tinubu’s administration, aims to provide interest-free education loans for Nigerians pursuing tertiary education.
- Enacted in June under the name “Access to Higher Education Act, 2023,” or the Students Loan Act, this initiative established an Education Loan Fund.
