The Federal Government has voted N14.69 billion for group life for its Ministries, Departments and Agencies (MDAs) in the 2016 Appropriation Bill passed by the National Assembly on March 23, 2016.

The insurance industry on its part would receive N14.69 billion earmarked for Group life for Ministries, Departments and Agencies (MDAs) of the Federal Government, including Department of State Security Service (DSS), Insurance of Sensitive Assets and Corpers.

The N14.69 billion for group life Insurance policy was part of the total of N154.3 billion voted for pension payments of Federal Government retirees, including monthly pensions and arrears of gratuities. Out of the N154.3 billion, the pension industry would receive N139.73 billion on pension payments, including monthly pensions, arrears and gratuities.

A breakdown of the budget showed that the military alone would receive N59.8 billion for payment of pensions and gratuities. It also showed that N7.41 billion was earmarked for Police Pension, while Customs, Immigration and Prisons Pension got N8.42 billion.

Allocation to Department of State Security Service including arrears, got (N7.64 billion), Nigeria Intelligence Agency Pensions and dependants’ benefits received (N3.7 billion). Meanwhile, N26.75 billion was budgeted for Parastatals Pension and Railway Pensions, while pre-1996 Nigeria Railway Corporation Pension got N2.25 billion. The budget showed that N3.52 billion was earmarked for expected retirees in 2016, while N4.3 billion was earmarked for death benefits and N14.34 billion for Universities’ Pensions, including Arrears.

Office of the Head of the Civil Service (Civilian Pension), received N28.39 billion for Pensions and N2.3 billion for Gratuities, while benefits of Retired Heads of the Civil Service of the Federation and Federal Permanent Secretaries stand at N2.59 billion.

Under the Service-Wide votes, N3 billion was earmarked for payment of Arrears of PAYG Pension DPR, N27.4 billion for payment of Arrears of 33 per cent increase in Pension Rates and N500 million for payment of outstanding Death Benefit to Civil.

http://www.financialwatchngr.com/2016/04/05/n14-69bn-allocated-for-group-life-in-2016-budget/

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