January 18, (THEWILL) – The Federal Executive Council (FEC), has approved Group Life Assurance for Federal workers, ministers, para-military and intelligence officers, for N9.6 billion.
Minister of Information and National Orientation, Mohammed Idris, who disclosed this to State House correspondents at the end of the FEC meeting in Abuja on Wednesday, said the approval followed 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.
“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”, he said.
Meanwhile, the FEC has approved 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. It also approved the ratification of the agreement between Nigeria and the UAE on the reciprocal promotion and protection of investments.
The Council however directed the Attorney General of the Federation to work out an executive bill to deal with issues of double taxation, to help the nation’s industries and encourage the flow of Foreign Direct Investment.
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.
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