Nigeria Government Raises Group Assurance Allocation To N17.31bn

Africa Business News

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19d ago 1:10

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The Federal Government has increased the allocation to group life assurance by 80 per cent in the proposed Appropriation Bill for 2025. The Minister of Information and National Orientation, Mohammed Idris, revealed that the N9.6bn was for 12 local insurance firms to cover the federal workers in case of unforeseen eventualities in the course of their duties. N17.31bn was allocated to group life assurance for all MDAs (including the Department of State Services/insurance of sensitive assets/members of the National Youth Service Corps, plus administration & monitoring). The policy, which ensures that dependents of a deceased employee receive three times his total annual emolument, was meant to cushion the effect of death on a deceased worker’s family.
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