BREAKING: Jubilation as FEC Approves N9bn Life Assurance For Workers, Speaks on Student Loan

• President Bola Ahmed Tinubu has approved the payment of renewal fees for the Group Life Assurance for workers
• This was disclosed at the end of the first 2024 meeting of the federal executive council (FEC) meeting held in Abuja
• On the student loan, minister of state for education, Yusuf Sununu, said the January date for the take-off was still in place

Legit.ng journalist Ridwan Adeola Yusuf has over 6-year-experience covering public journalism

FCT, Abuja - President Bola Tinubu and the federal executive council (FEC) on Wednesday, January 17, approved the payment of renewal fees for the Group Life Assurance for federal workers.

Legit.ng reports that the weekly FEC meeting which is presided over by the president and attended by cabinet members as well as other top aides of Tinubu is always held every Wednesday.

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FEC approves federal workers' life assurance

Minister of information and national orientation, Mohammed Idris, disclosed the update on the Group Life Assurance at the end of the first 2024 meeting of the FEC held in Abuja.

According to him, this was a sequel to a memo brought by the head of the civil service of the federation, Folasade Yemi-Esan, to the council.

He stated that President Tinubu approved about N9.6 billion for 12 local insurance firms to cover the federal workers in case of unforeseen eventualities in the course of their duties.

Students loan

Meanwhile, minister of state for education, Yusuf Sununu, said the January 2024 date for the take-off of the student loan was still in place.

Sunubu added that a website had already been working for interested students with the requisite criteria.

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Check out highlights of decisions reached at the FEC meeting below, courtesy of a presidential aide, Bayo Onanuga:

1. Approval of the Group Life Assurance for Federal workers, ministers, para-military, and intelligence officers for N9.25 billion.
2. Approval of the request by the Oyo state government to reconstruct the Ojoo Interchange at Moniya-Akinyele. Oyo government will fund the project.
3. Approval of the signing of an agreement between Nigeria and UAE for the elimination of double taxation concerning taxes on income and the prevention of tax evasion and avoidance. The government asked the Attorney General to work out an executive bill to deal with this issue of double taxation, to help our industries and encourage the flow of Foreign Direct Investment.
4. FEC also approved the ratification of the agreement between Nigeria and the UAE on the reciprocal promotion and protection of investments.
5. Council deliberated on the problems of our pharmaceutical companies and what is to be done to protect them via tax and excise duties reduction to make cheaper drugs available to our people.

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An executive order is on the way to address the immediate problems of this segment of our industry.

The government will also sooner engage with the Manufacturers Association of Nigeria to discuss mitigating industry-wide problems.

6. About 13 healthy regulatory agencies hitherto defunded in the 2024 budget were restored in the budget.

7. The defence minister and his counterpart in solid minerals to look into enforcement structures to stop illegal mining, illegal logging, etc.

8. FEC approved policy guidelines on Transnational Education in Nigeria.

9. The Council also gave the Federal Ministry of Health the authority to approve recruitment of urgently needed health workers, to reduce bureaucracy.

FEC approves N27.5 trillion as Tinubu's 2024 budget

Earlier, Legit.ng reported that the FEC approved the 2024 appropriation bill of N27.5 trillion, which will be presented to the national assembly by President Tinubu.

The council affirmed that the administration would maintain the January – December budget implementation cycle.

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Tinubu bars son, Seyi, from FEC meeting

Legit.ng also reported that Tinubu directed family members and certain associates to refrain from showing up at FEC meetings.

President Tinubu gave the instruction during the fourth FEC meeting of his administration at the council chambers of the state house, Abuja.

FEC exempts universities from IPPIS

Meanwhile, the FEC has excluded universities, polytechnics, colleges of education, and other tertiary institutions from the Integrated Personnel Payroll Information System (IPPIS).

Professor Tahir Maman, minister of education, disclosed the exemption after the federal cabinet meeting presided over by President Tinubu.

Source: Legit.ng