The Federal Executive Council has approved the sum of N9.24 billion in insurance coverage for workers in all government agencies.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed stated this after Wednesday’s meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo.
She said the approval followed a memo presented to the meeting by the Head of Service of the Federation, Folasade Yemi-Esan.
“Council approved the total sum of N9.24 billion for the insurance cover for 2022 to 2023,” she said.
The Minister added that by Nigerian laws“The insurance cover is 30% of the annual emoluments of any staff of government that is deceased and this cover is paid by the insurance company of the deceased staff.”
The Minister of State for Budget and National Planning, Clem Agba, disclosed that the cabinet meeting approved the revised national social protection policy from 2021 to 2025.
“This revised national social protection policy is an offshoot of a previous policy that was implemented from 2017 to 2020.
“The review was carried out in collaboration with all relevant ministries departments and agencies at both the federal and state levels as well as other key stakeholders, including development partners.”
Explaining that the policy began before the creation of the Ministry of Humanitarian Affairs, Disaster Management and Social Protection, Agba said that part of the review process is to ensure that it’s reviewed every four years now that there is a ministry.
“In a review of this policy statewide consultations were embarked upon to harness and harvest ideas from all stakeholders for the efficient and effective coordination of the policy.”
Agba further disclosed that the National Social Protection Council is to be set up and chaired by the Vice President, with the Secretariat domiciled in the Ministry of Finance, Budget and National Planning.
He added the Ministers of Labour and employment and the Minister of Humanitarian Affairs, Disaster Management and Social Development would serve as Vice Chair of that council.
According to him, there is going to be a technical working group, which will be co-chaired by the two ministers. (VON)