FG Partners With Insurance Brokers To Expand Reforms, Policies

The Federal Government is actively seeking alliances with key professional bodies such as the Nigerian Council of Registered Insurance Brokers (NCRIB) to spearhead initiatives aimed at ensuring the country’s enduring progress.

Wale Edun, serving as both the Minister of Finance and the Coordinating Minister of the Economy, made this assertion during a meeting with a delegation from NCRIB in the capital city of Abuja.

Edun emphasized that the government’s top priority is to navigate the economy out of its current challenges through practical reforms, bolstering revenue streams, and closely tracking the impacts of governmental policies.

According to the minister, the government has acknowledged the importance of forming alliances with reputable professional institutions capable of enhancing the government’s new policy orientation. Hence, there has been an outreach to esteemed bodies such as the Nigerian Council of Registered Insurance Brokers, particularly in relation to its economic task force team.

Previously, Babatunde Oguntade, president of NCRIB, commended the ministry for its adept stewardship of the economic reforms under the current administration, noting that these efforts are already steering the nation towards sustainable recovery.\

Read also: Embracing The Full Benefits Of Compulsory Insurance

He said the government needed to place greater emphasis on insurance as one of the economic reform strategies, bearing in mind the enormous risks in every endeavour of the government, coupled with the need to preserve the huge human and material resources of the government against unforeseen circumstances.

Oguntade urged governmental resolve in upholding compulsory insurance statutes, highlighting their crucial function in fortifying the industry’s fiscal robustness, safeguarding citizens’ tranquility, and stimulating economic expansion in the foreseeable future.

Oguntade strongly advocated for the engagement of registered insurance brokers in managing all government insurance accounts, expressing disapproval of the recurring practice of virement within the government’s annual budget allocations for insurance, recognizing its detrimental impact on the industry’s vital revenue streams.

The NCRIB president further argued for the exclusion of the National Insurance Commission (NAICOM) from the list of revenue-generating government agencies, citing the government’s practice of deducting 50 percent of its revenue as detrimental. He warned that this situation could impede effective legislative oversight of the regulatory body due to insufficient funding.

Africa Today News, New York

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