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JUST IN: MDAs still flout FG’s directive to insure assets
He said that the strengths of the Nigerian insurance sector lies in the large population of the country, large domestic economy with extremely low penetration and density, admission of new operators by supportive regulator, mature reinsurance industry, significant investment appetite by local investors, positive regulatory partnership and changes to develop pension savings.
Despite pronouncements by the Federal Government that all government assets should be insured, many government parastatals, Ministries, Departments and Agencies (MDAs) still flout the directive.
Immediate Past Director General of the Lagos Chamber of Commerce and Industry, LCCI, Dr. Muda Yusuf, who made this assertion, noted that many MDAs do not even have any budgetary provision for insurance premium.
Speaking at a retreat for insurance journalists organised by the Insurance Industry Consultative Council, IICC, in Ijebu Ode Ogun State over the weekend, Yusuf also noted that budgetary allocations to insurance premium by MDAs, where they are made, are grossly inadequate.
Citing examples, Yusuf stated that the Head of Service has a total budget of N8.4 billion but has budgetary provision for insurance premium of N16.3 million representing only 1.9 percent of the budgeted figure.
The Economic and Financial Crimes Commission, EFCC, has budgetary provision of N43.2 billion with insurance premium provision of 213 million, representing 0.5 per cent of the figure.
Federal Road Safety Corps has budgetary provision of N43.2 billion with insurance premium provision of N250 million representing 0.4 per cent.
Police Command has budgetary provision of N805 billion with insurance premium provision of N394 million, representing 0.05 per cent of the fund.
He further stated: “Budgetary allocations to insurance premium by MDAs are grossly inadequate, many MDAs do not even have any budgetary provision for insurance premium. There are also concerns about the centralization of insurance premium in the office of Head of Service’’.
He said that the strengths of the Nigerian insurance sector lies in the large population of the country, large domestic economy with extremely low penetration and density, admission of new operators by supportive regulator, mature reinsurance industry, significant investment appetite by local investors, positive regulatory partnership and changes to develop pension savings.
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