Business - News - Politics & Policy - August 5, 2022

Nigerian govt. hints at compulsory insurance policy on all MDA assets soon

MEDIATRACNET

A policy that would ensure that all Ministries, Departments and Agencies (MDAs) take compulsory insurance cover on all Federal Government assets is on its way, the Secretary to the Government of the Federation (SGF),Boss Mustapha, has hinted.

The SGF who dropped the hint on Thursday in Abuja when the governing board of the National Insurance Commission (NAICOM) visited him said the Federal Government was currently working on the circular that would convey the order to all the MDAs.

Represented by the Permanent Secretary, General Services Office (GSO), Maurice Mbaeri, the SGF asked the NAICOM team to come up with a draft document of what they want the circular to contain to guide his Office in properly articulating the document.

The SGF after a review of the draft circular sent by NAICOM, a formal circular would be issued and released to all MDA’s directing them to ensure strict compliance.

The SGF asked NAICOM to ensure that the draft circular reflected what the Commission wants, adding that if the draft circular meets the Federal Government’s expectations, it would be issued to the appropriate MDAs.

During the visit, the Permanent Secretary General Services Office (GSO) in the SGF Office, Maurice Mbaeri, decried the decline in budgetary allocations meant for insuring public assets.

After learning that the premium to be paid for insuring public assets was centralized in the Office of the Head of the Civil Service of the Federation (HoS), Mbaeri said there was no way the HoS alone could cover insurance premium for all the MDAs.

He urged NAICOM to write to. the Federal Government requesting the immediate decentralization of the payment of insurance premium amongst the MDAs.

Earlier, the Chairman, Governing Board of the National Insurance Commission (NAICOM), Abubarkar Sani urged the SGF to support the Commission in executing a compulsory insurance scheme for all MDAs.

Sani said the Commission was interested in seeing all government assets insured.

“We want the SGF to issue a circular or letter to all MDAs on the necessity of taking a compulsory insurance policy for all Federal Government assets,” Sani said.

He said such a policy would cover government assets from unforeseen losses from incidents that may occur as a result of various circumstances.

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