Federal Executive Council Approves N9.6 Billion for Workers’ Life Assurance Renewal

The Federal Executive Council (FEC) has granted approval for the disbursement of N9.6 billion to renew the Group Life Assurance covering federal government employees. This decision, disclosed by the Minister of Information and National Orientation, Mohammed Idris, follows discussions initiated by a memo from Dr Folasade Yemi-Esan, the Head of the Civil Service of the Federation.

President Bola Tinubu, presiding over the 2024 FEC meeting in Abuja, sanctioned the allocation of approximately N9.6 billion to 12 local insurance firms. These funds are designated to provide coverage for federal workers in case of unforeseen eventualities during the course of their duties. Idris emphasized that this annual cover is a standard practice by insurance companies to safeguard workers and their families from the financial burden of unexpected circumstances.

The approval shows the government’s commitment to recognizing the contributions of every employee, fostering increased efficiency, productivity, and enhanced service delivery to the people of Nigeria.

Student Loan Program to Commence in January, Confirms Minister of State for Education

Dr Yusuf Sununu, the Minister of State for Education, confirmed that the student loan program is on track to commence in January as planned. He assured that a functional website is already operational for eligible students interested in applying. The inclusion of funding in the 2024 budget demonstrates the government’s unwavering commitment to this cause.

Sununu emphasized the provision of guidelines to standardize the quality of training on local campuses, ensuring parity with the parent institution abroad. He highlighted that this policy not only promotes educational quality but also contributes to saving scarce foreign exchange, redirecting it towards national development.

President Bola Ahmed Tinubu had earlier announced the initiation of the student loan distribution during the opening session of the Nigerian Economic Summit in Abuja earlier this year.

The program, established under the “Access to Higher Education Act, 2023,” aims to provide interest-free education loans for Nigerians pursuing tertiary education, alleviating challenges faced by students and parents. The initiative is a response to concerns raised about tuition fee increases in certain higher education institutions.

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