From Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council (FEC) has approved a N1.09 billion insurance package for critical assets and personnel across all federal airports in Nigeria.
The Minister of Aviation and Aerospace Development, Festus Keyamo, made this disclosure yesterday while briefing State House Correspondents following the federal executive council (FEC) presided over by President Bola Tinubu at the Presidential Villa.
According to him, the approval aligns with a directive from the Secretary to the Government of the Federation (SGF), which mandates Ministries, Departments, and Agencies (MDAs) to insure critical government assets.
He added that the measure is a key requirement for Nigeria’s airports to obtain certification from the International Civil Aviation Organization (ICAO).
“This memo was prompted by Mr. President because we cannot continue to run our airports and critical assets, as precious and expensive as they are, without insurance cover,” the minister said.
“Most of these assets have remained uninsured for a long time. This approval ensures both infrastructure and personnel of the Federal Airports Authority of Nigeria (FAAN) are covered, in line with global best labor practices.”
The insurance contract, valued at N1,097,137,102.48 (inclusive of 7.5% VAT), will be executed over a one-year period, commencing upon premium payment by FAAN.
Keyamu said following a rigorous selection process, five leading Nigerian insurance firms were chosen for the coverage. They are: Leadway Assurance Company Limited as the lead underwriters while the co-Underwriters:Cornerstone Insurance Plc,Linkage Assurance Plc, NEM Insurance Company and Anchor Insurance Plc.
He said “So this memo was prompted by Mr. President, because we cannot continue to run our airports and our critical assets as precious and expensive as they are, without insurance cover.
“Most of these things have remained without insurance for a long time. This one also covers, does not only cover the assets, but also the personnel, also of the Federal Airports Authority of Nigeria.
“And of course, you know that is in keeping with best Labour practices that you don’t have personnel working in such Environment without insurance cover, so that has been done today for all the airports in Nigeria,” he added .
Meanwhile, the council also approved a policy to support local manufacturing of leather goods and footwear, with women set to benefit significantly from the initiative.
Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said the approval grants the Ministry of Innovation, Science, and Technology the mandate to supply starter packs for leather and footwear manufacturing, a sector where women play a crucial role.
“This is exciting for us because it encourages women’s participation in an industry with high potential for economic growth.
“We pushed for a portion of this intervention to be allocated to women, ensuring they have the necessary tools to scale their businesses and contribute to local production.”
According to the minister, the intervention will not only empower women entrepreneurs but also contribute to Nigeria’s Gross Domestic Product (GDP).
In a separate development, Sulaiman-Ibrahim highlighted an unprecedented trend during this year’s Ramadan—declining food prices.
She attributed this to the administration’s well-thought-out policies, which were praised during both the caucus and National Economic Council (NEC) meetings.
“For the first time, even during Ramadan, food prices are going down. This is a testament to the success of our policies, and Mister President was applauded for this achievement,” she noted.
She reaffirmed President Tinubu’s commitment to the welfare of all citizens, particularly women, the minister expressed gratitude for policies that are ensuring affordability and accessibility of food during the fasting period.
“This means that during Ramadan, families can cook and put food on the table, which is very important,” she added.