FG approves N9bn life assurance for workers, says student loan begins January

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

The Minister of Information and National Orientation, Mohammed Idris, disclosed this at the end of the first 2024 meeting of the Federal Executive Council (FEC) held in Abuja on Wednesday, January 17.

Idris said the approval of the life assurance was sequel to a memo brought by the Head of the Civil Service of the Federation, Dr Folasade Yemi-Esan, to the council.

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,” the minister said.

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Idris noted that the approval was part of the administration’s determination to accord all its workers the needed reward that would improve efficiency, productivity, and service delivery to Nigerians.

Also speaking, Minister of State for Education, Dr Yusuf Sununu, said the January date for the commencement of the student loan was still in place, adding that a website had already been working for interested students with requisite criteria.

He said the government had made funding provision for it in the 2024 budget.

Sununu also disclosed 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 stated that a guideline has been provided to ensure quality of training of the local campuses is standardised 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.

The Star