Remove NAICOM From Revenue Generating Agencies List, NCRIB Urges FG

By LOVETH AZODO, Lagos

The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, has passionately called for the removal of the National Insurance Commission (NAICOM) from the government’s list of revenue-generating agencies.

Oguntade who stated this during a recent meeting in Abuja, noted that NAICOM’s inclusion has resulted in a 50% deduction from its revenue and potentially jeopardizing its ability to carry out effective over sight of insurance companies to ensure efficient performance.

Oguntade also emphasized the importance of involving Registered Insurance Brokers in all government insurance accounts.

He frowned at the practice of virement in the annual budget allocation for insurance, stating that it has hindered the industry’s revenue generation.

In response, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, affirmed the government’s commitment to partnering with professional institutions to implement robust economic policies aimed at fostering sustainable development.

He acknowledged the significance of collaborating with reputable bodies like the NCRIB to steer the nation towards economic recovery through pragmatic reforms.

Edun highlighted the administration’s focus on revitalizing the economy by optimizing government revenue and ensuring effective policy outcomes. He underscored the need to prioritize insurance within the reform agenda, considering the inherent risks in governmental activities and the imperative to safeguard resources against unforeseen circumstances.

Overall, the discussions underscored the mutual commitment of both the Federal Government and the NCRIB to collaborate in advancing economic reforms and strengthening the insurance industry to drive sustainable development in Nigeria.