The Federal Government and Nigerian Council of Registered Insurance Brokers (NCRIB) have agreed on a partnership that could inflate the economy and guarantee the nation’s sustainable development.
The NCRIB secured an understanding of the government to the important role of insurance in nation building.
The Minister of Finance and Coordinating Minister of the economy, Mr Wale Edun, expressed the Federal Government’s commitment to partner with strategic professional institutions towards entrenching viable economic policies that would inflate the economy and guarantee the nation’s sustainable development when the delegation of the NCRIB paid him a courtesy visit in Abuja, recently.
Edun said the current administration was giving primacy to getting the economy out of the woods through pragmatic reforms by getting hold of government revenue and monitoring effective outcomes of government policies.
He disclosed that the government realised the need to collaborate with reputable professional institutions, which are believed to bring value to government’s new policy direction, hence an extension of hands of fellowship to notable bodies like the NCRIB, especially in its economic task force team.
The President of NCRIB, Prince Babatunde Oguntade, had earlier applauded the Ministry for effectively anchoring the economic reforms of the present administration, which he stated was already putting the country on the path of sustainable recovery.
He stated that government needed to place greater emphasis on insurance as one of the economic reforms strategies, bearing in mind the endemicity of risks in every endeavour of government, coupled with the need to preserve the huge human and material resources of government against unforeseen circumstances.
Oguntade specifically called for a more stringent commitment of government to the enforcement of the laws on compulsory insurances, which he noted would buoy the solvency of the industry as well as guarantee the required peace of mind of the people and ultimately inflate the economy.
He frowned at the practice of virement in yearly budgeted expenditure for insurances by government, noting that the accounting practice had deprived the industry of its required revenue and called for the involvement of Registered Insurance Brokers in all government insurance accounts,
He also made a passionate case for the removal of the National Insurance Commission (NAICOM) from the revenue generating agencies of government, which led to government deducting 50 percent from its revenue or income, a situation he said could badly affect the effective legislative oversight of the regulatory body through inadequacy of funds.
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