FEC approves N9bn life assurance for workers | Student loan to begin January

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

Mohammed Idris, minister of information and national orientation, disclosed this while speaking to journalists on Wednesday at the end of the first federal executive council (FEC) meeting of the year at the State House in Abuja.

Idris said the president approved about N9.6 billion for 12 local insurance firms to cover federal workers in the event of unforeseen circumstances in the course of their duties.

“There are about 12 insurance companies involved. It’s a normal annual cover that insurance companies give workers,” he said.

“So, in the event of death or severe injury, they can resort to and so that their families would not have to suffer.”

Idris added 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.

STUDENT LOAN

Meanwhile, Yusuf Sununu, minister of state for education, said that the January date for the take-off of the student loan scheme was still in place, adding that a website is being built for the purpose.

Sununu said monetary provision for student loans has already been made in the 2024 budget.

“January is a reality for the commencement of student loan scheme in Nigeria. Already, the website is almost done,” he said.

“Application for beneficiaries will be online, criteria for students to get admission is that you must be a Nigerian and find yourself in a public school and the application is also online which will be processed timely and you can access your loan within 30 days.

“Funds have been set aside in the 2024 appropriation act and also the supplementary budget for 2023.”

Sununu further 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 institutions worldwide.

He said that a guideline has been provided to ensure standardisation of training on the local campuses.

He added that the policy would also save the nation scarce foreign exchange.