Nigeria’s Free Trade and economic Zones get N18.1bn funding
The Federal Executive Council (FEC) has approved N18.1 billion for the development of infrastructure at the nation’s free trade and economic zones.
The Minister of Information and Culture, Alhaji Lai Mohammed, made the announcement while addressing state house correspondents after the weekly FEC meeting in Abuja.
Mohammed said they include; the Kano and Calabar free trade zones, as well as the textile and garment park and the special economic zone in Lagos.
He said the approval was of critical importance to the infrastructure development plan of the country.
FEC also approved N9.24 billion as premium for insurance firms that will manage federal civil servants group life insurance in the country.
The group life insurance is a joint regulation of the National Insurance Commission (NAICOM) and National Pension Commission (PenCom).
Section 9 (3) of the Pension Reform Act 2004 (now PRA 2014) requires that every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. The policy provides cover to the insured against death.
Mohammed said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for Federal Government employees, public servants para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.
“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation”.
In August 2020, the Federal Government had paid about N15 billion premium under the group life insurance scheme to insure over 89,000 workers across the country.