17th January, 2024
By Kazeem Ugbodaga
The Federal Executive Council (FEC) chaired by President Bola Tinubu on Wednesday approved Group Life Assurance for Federal workers, ministers, para-military and intelligence officers at a cost of N9.6 billion.
This was disclosed by the Minister of information and National Orientation, Mohammed Idris at the end of FEC meeting in Abuja on Wednesday.
Idris said that this was a sequel to a memo brought by the Head of the Civil Service of the Federation, Folasade Yemi-Esan, to the council.
According to him, the president 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.
In his words, “There are about 12 insurance companies involved. It is a normal annual cover that insurance companies give workers. So, in the event of death or severe injury, they can resort to and so that their families would not have to suffer.”
Also at FEC on Wednesday, approval was granted to the Oyo State Government to reconstruct the Ojoo Interchange at Moniya-Akinyele, with Oyo government funding the project.
There was also approval of the signing of an agreement between Nigeria and UAE for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance.
The FEC asked the Attorney General to work out an executive bill to deal with this issue of double taxation, to help the nation’s industries and encourage the flow of Foreign Direct Investment.
FEC further approved the ratification of the agreement between Nigeria and the UAE on the reciprocal promotion and protection of investments.
The Council deliberated on the problems of pharmaceutical companies and what is to be done to protect them via tax and excise duties reduction to make cheaper drugs available to the people.
Also, about 13 healthy regulatory agencies hitherto defunded in the 2024 budget were restored in the budget.