FEC approves N9.6 billion for workers Life Assurance, says students’ loan to begin January

Date:

January 18, 2024.

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Azonuchechi Chukwu.

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.

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. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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