FG brings together insurance specialists on economic stability

The federal government has expressed its willingness to engage industry professionals in implementing policies that will drive sustainable economic development.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, gave the assurance when a delegation of the Nigerian Board of Registered Insurance Brokers (NCRIB) paid a courtesy visit to the minister in Abuja.

Edun said the current administration is giving priority to lifting the economy out of the crisis through pragmatic reforms by capturing government revenues and monitoring the effective performance of government policies.

The Minister maintained that the government has realized that there is a need to engage with reputable professional bodies that are deemed to add value to the new policy direction of the government, hence the extension of hands to prominent bodies such as the Nigerian Council of Registered Insurance Brokers, especially in the Task Force on .economy.

Addressing the meeting, the President of NCRIB, Prince Babatunde Oguntade, commended the ministry for successfully anchoring the economic reforms of the current administration, which he said are already putting the country on the path to sustainable economic recovery.

Oguntade said the government should place greater emphasis on insurance as one of the economic reform strategies, keeping in mind the endemic risks inherent in every government endeavor, coupled with the need to preserve the government’s vast human and material resources in case of unforeseen circumstances.

He, however, advised the government on the government’s stringent commitment to enforce compulsory insurance laws, which he believed would improve the solvency of the industry as well as guarantee the required peace of mind of the people and ultimately inflate the economy.

While advocating the involvement of registered insurance brokers in all government insurance accounts, Oguntade disapproved of the government’s practice of accounting for annual budget expenditure on insurance, noting that the accounting practice had deprived the industry of required revenues.

The NCRIB President has strongly advocated the removal of the National Insurance Commission (NAICOM) from revenue-generating government agencies, which has resulted in the government deducting 50% of its income or earnings, which he believes may have an adverse impact on effective legislative oversight of the regulatory body due to lack of financial resources.