Enrolment into the 104 federal government colleges is expected to increase by 20 per cent come 2020 as the federal government has introduced various insurance cover polices for all stakeholders.
This will include a fire and general hazard cover in which the sum of N900 million and N200 million will be dedicated to each school for buildings and content respectively.
The Minister of Education, Mallam Adamu Adamu who made the revelations in Abuja, said 326 vehicles in all the schools will be covered at a total value of over N947 million, while the death of students or sponsors, will attract the sum of N500,000 each.
The minister said while students were encouraged to pay the sum of N5,000 only per session in order to ensure that no student drops out of school as a result of the death of a sponsor.
He directed school authorities to explain the modalities to parents and guardians.
The minister warned insurance companies involved in the scheme against failure to honour obligations, adding that the 2020 budget will factor in a carrying capacity expansion project.
He said: “Three insurance underwriters were appointed along with brokers. Each of the writers will cover schools in two geo-polotical zones. The total premium to be paid to the three underwriters and brokers will amount to N198,000,000 only for the 104 federal unity colleges. This will provide a total coverage of N900,000,000 only per school for content.
“The total number of vehicles to be covered is 326 with a total value of N947,260,000 only. The students are to pay N5000 only per session. In the case of death of a student, the parents or sponsor will be given a one off payment of the sum of N500,000 only.
“In case of death of parent/sponsor, the student will be paid the sum of 500,000 naira per session for a maximum of 2.5 million naira only. In case of accident of a student, the sum of fifty thousand naira will be provided for medical expenses and in the event of death of student/sponsor/parent, the sum of 50 thousand naira will be provided for burial expenses,” the minister said.