Federal govt seeks collaboration with NCRIB to drive sustainable development

To drive reforms and policies to ensure Nigeria’s sustainable development, the Federal Government has expressed its intention to partner with strategic professional institutions such as the Nigerian Council of Registered Insurance Brokers (NCRIB).

Federal govt seeks collaboration with NCRIB to drive sustainable development

Federal govt seeks collaboration with NCRIB to drive sustainable development

To drive reforms and policies to ensure Nigeria’s sustainable development, the Federal Government has expressed its intention to partner with strategic professional institutions such as the Nigerian Council of Registered Insurance Brokers (NCRIB).

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, made this assertion during a visit by a delegation from NCRIB to him in Abuja. 

Edun highlighted the government’s focus on pulling the economy out of its challenges through pragmatic reforms, revenue strengthening, and rigorous monitoring of policy outcomes.

Acknowledging the value that reputable professional institutions can bring to the government’s new policy direction, Edun extended the government’s hand of fellowship to notable bodies like the NCRIB, especially in its economic task force team.

Earlier, Babatunde Oguntade, President of NCRIB, commended the Ministry for effectively spearheading the economic reforms of the present administration, which he believes are setting the country on the path of sustainable recovery.

Oguntade emphasised the importance of prioritising insurance as a critical economic reform strategy. 

He highlighted the significant risks inherent in every government endeavour and stressed the need to safeguard the government’s considerable human and material resources against unforeseen circumstances.

The NCRIB president called for the government’s commitment to enforcing laws on compulsory insurance, which he believes would bolster the industry’s solvency and ensure peace of mind for citizens, consequently boosting the economy.

Furthermore, Oguntade advocated for the involvement of registered insurance brokers in all government insurance accounts, expressing disapproval of the practice of virement in yearly budgeted expenditure for insurance. 

“This accounting practice has deprived the industry of its required revenue,” he noted.

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Additionally, Oguntade raised concerns about the inclusion of the National Insurance Commission (NAICOM) among the government revenue-generating agencies. 

He highlighted the adverse impact of the inclusion, stressing that it resulted in the government deducting 50 per cent from NAICOM’s revenue. 

He also emphasised the potential consequences of the deduction, including the inadequacy of funds for effective legislative oversight of the regulatory body.

Recall that Edun recently announced an ambitious target to boost the Federal Government’s Internally Generated Revenue (IGR) by 77%.

At the 2024 Strategic Management Retreat of the Federal Inland Revenue Service in Abuja, Edun highlighted the government’s plan to avoid relying on expensive debts.
He emphasised the critical role of tax in the government’s strategy to increase revenue, stating that the increase is crucial for addressing the existing infrastructure deficit and implementing robust social safety nets to support ordinary Nigerians.