Reps suspend planned recapitalisation of insurance firms

The House of Representatives, on Tuesday, resolved to suspend ongoing plans for the recapitalisation of all insurance companies and their intermediaries operating in the country.

The resolution was passed sequel to the adoption of a motion sponsored by Hon Benjamin Kalu, who stressed the need for a review of the policy as a result of the impacts of the COVID-19 pandemic on the economy.

While stressing that Nigeria can ill-afford the funds expected to be spent on the recapitalization exercise, he observed that while the decision became necessary, it was not hypercritical and could be done at a more appropriate time.

He, therefore, called on the government to be more sensitive through NAICOM to the plight of the companies, stressing that because Nigeria is currently trying to exit recession as well as considering the effect of the national #EndSARS protests, it would be expected that funds would be channelled to aid such companies and not to further burden them economically.

Sequel to the adoption of the motion, it was referred to the House Committee on Insurance and Actuarial to ensure compliance.

Also at plenary, the House passed through second reading a bill for an Act to establish the Nigerian Health Infrastructure Development Bank to enhance and promote the health and well-being of Nigerians to boost Local Healthcare Capacity.

In his lead debate, Hon Manu Sorro, explained that the bill seeks to ensure the provision of quality, efficient and affordable healthcare services for Nigerians.

While noting that the bill seeks to ensure a qualitative healthcare system for Nigerians as the COVID-19 pandemic has exposed the weak healthcare structure of the nation, he stressed that the budgetary provisions cannot sufficiently ensure the required upliftment needed in the health sector.

He also lamented the increasing medical tourism of Nigerians, as well as the increasing brain drain in the health sectors as Nigerians and Nigerian doctors, seek better avenues for healthcare and medical practice respectively.

He stated that the proposed bank would help save the dilapidated situation and channel funds for specialised healthcare development.

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To this end, the bill was referred to the House Committee on Health Institutions for further legislative action.

In the same vein, the House passed through second reading a BILL for an Act to alter the 1999 Constitution (as amended) to provide the legal framework for the financial and administrative independence of States Judiciary, to establish States Judicial Councils which shall be responsible for the appointment, promotion and discipline of judicial officers in States Courts and Judicial bodies and disburse money standing to the credit of the States Judiciary or money appropriated to the States Judiciary in the Consolidated Revenue Fund of the States.

In his lead debate, Hon Abbas Tajudeen, who sponsored the bill explained that the Bill seeks to amend the Constitution to provide the legal framework for judicial independence for States.

He also stated that the proposed amendment will demystify and unburden the office and responsibilities of the Chief Justice of the Federation, as the office as it is presently constituted gives the Chief Justice too much singular power.

He also stated that the bill would ensure the federalism method the nation practices would be rightly applied from the federal level down to the local government level.

Sequel to the support enjoyed by the bill, it was referred to the special Ad-hoc Committee on the Amendment of the 1999 Constitution.

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Reps suspend planned recapitalisation of insurance firms

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