President Bola Tinubu, presiding over the Federal Executive Council (FEC), granted approval on Wednesday for a comprehensive Group Life Assurance coverage, costing N9.6 billion, extending to federal workers, ministers, para-military, and intelligence officers.
The announcement came from Mohammed Idris, the Minister of Information and National Orientation, following the conclusion of the FEC meeting in Abuja. The approval, initiated by the Head of the Civil Service of the Federation, Folasade Yemi-Esan, allocated approximately N9.6 billion across 12 local insurance firms. This move aims to safeguard federal workers against unforeseen eventualities during their official duties.
Idris stated, “There are about 12 insurance companies involved. It is a normal annual cover that insurance companies provide to workers. So, in the event of death or severe injury, they can resort to it, ensuring that their families would not have to suffer.”
Additionally, during the FEC session, approval was granted to the Oyo State Government for the reconstruction of the Ojoo Interchange at Moniya-Akinyele, with the state government financing the project.
Furthermore, the council authorized the signing of an agreement between Nigeria and the UAE, focused on eliminating double taxation concerning income taxes, as well as preventing tax evasion and avoidance. The Attorney General was tasked with developing an executive bill to address this double taxation issue, aiming to bolster the nation’s industries and promote Foreign Direct Investment.
The FEC also greenlit the ratification of the agreement between Nigeria and the UAE, emphasizing the reciprocal promotion and protection of investments. In addition, discussions ensued regarding the challenges faced by pharmaceutical companies, leading to proposed measures like tax and excise duties reduction to ensure the availability of affordable drugs for the public. Furthermore, the budget for 2024 saw the restoration of 13 previously defunded health regulatory agencies.
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