Senate knocks NAIC over inconsistent financial record  Nov 20, 2023   Visit Source  




For lacking consistent financial records, the Nigerian Senate on Monday knocked the Nigerian Agricultural Insurance Commission (NAIC).

The commission has been unable to provide details of its finances•from 2021, 2022, and up to the third quarter of 2023•requested by the Senator Sani Musa-led Senate Committee working on the Medium Term Expenditure Framework.

Committee members at an interactive session on Monday with officials of NAIC expressed discontent at the antics of the commission over its inability to produce receipts for expenditures of its revenues generated.

NAIC claimed to have spent revenues it generated, while some amount tagged “surplus” was transferred into the Federal Government account.

In a document submitted to the committee, the MD and CEO of NAIC, Mrs Folashade Joseph, while presenting the corporation’s 2024 Revenue, Overhead, and Capital Projections, told the panel that the agro-insurance outfit transferred N3, 847, 202, 032.03 to the Consolidated Revenue Fund (CRF) of the federal government in 2023.

She, however, contradicted her submission by arguing that the organisation recorded huge losses in 2022; hence, we were unable to remit for the year.

Not impressed by her submissions, the lawmakers took turns to appraise NAICs performance for the fiscal year, wondering why the corporations fortunes continued to dwindle over three years.

Accordingly, the committee mandated the management of the organisation to furnish it with its audited account covering 2021, 2022, and up to the third quarter of 2023.

This is as the committee chairman called for a breakdown of NAIC finances, insisting that the panel was poised to block all loopholes in the accounts of MDAs.

For a long time, the accounts of MDAs have been run as personal property. We want to make a difference. We want to ensure that the right thing is done and that this government has what it wants to give Nigerians the dividends of democracy, Senator Musa stressed.

The committee also interacted with the Nigerian Financial Intelligence Unit (NFIU) and the Equipment Leasing Registration Authority (ELRA).

COAS declares three days of mourning for late Maj Gen Chris Alli

Senate confirms Maida Executive Vice Chairman of NCC

‘We have Senate approval to revamp agriculture’ – Committee chair Saliu Mustapha

Senate throws out bill seeking greater control for lawmakers in funding of constituency projects

Senate approves Aminu Maida as Executive Vice Chairman NCC

Senate seeks establishment of Federal Data Bank

Senate urges FG to upgrade eastern rail line

Copyright © Daily Post Media Ltd

Related Stories
Tinubu seeks Senate''s approval to get fresh $8.6bn, €100m loan  11/28/2023 7:56:00 PM
Senate Quashes Bill Seeking To Allow Parties Replace NASS Members  11/28/2023 3:13:00 PM
BREAKING: Tinubu writes Senate on  2024 budget presentation  11/28/2023 2:00:00 PM
After Bakassi Peninsula: Nigeria can''t afford to lose oil-rich Tongeji Island – Senate  11/23/2023 8:35:00 AM
Senate confirms Agbasi MD of FERMA, 9 others as board members  11/21/2023 9:14:00 PM
Deputy Senate President seeks strong diplomatic ties with UAE  11/21/2023 8:00:00 PM
Senate asks FG to immortalize Taiwo Akinkunmi, designer of Nigeria''s flag  11/21/2023 7:15:00 PM
Senate Asks FG To Immortalise National Flag Designer Akinkunmi  11/21/2023 2:50:00 PM
Moro Emerges As New Senate Minority Leader  11/21/2023 2:25:00 PM
Election Petitions Should Be Resolved Before Swearing-In – Senate  11/21/2023 2:10:00 PM
Senate confirms Maida Executive Vice Chairman of NCC  11/16/2023 8:51:00 PM
‘We have Senate approval to revamp agriculture'' – Committee chair Saliu Mustapha  11/16/2023 8:09:00 PM
Nigeria Can No Longer Rely On Borrowing, Finance Minister Tells Senate  11/16/2023 7:08:00 PM
Senate approves Aminu Maida as Executive Vice Chairman NCC  11/16/2023 2:26:00 PM
Senate passes short-term government funding bill averting shutdown  11/16/2023 7:24:00 AM
Strike: Senate Calls For Emergency Meeting With Organised Labour  11/16/2023 5:25:00 AM
Senate urges FG to upgrade eastern rail line  11/15/2023 10:11:00 PM
Senate swears in Akobundu, Abia-Central lawmaker  11/15/2023 2:26:00 PM
Senate Threatens To Complete Privatisation Of NIPOST  11/15/2023 1:02:00 AM
Customs Vows To Implement Senate''s Recommendation On Abuse Of Firearms  11/15/2023 12:40:00 AM

Web Services Software Products Business Solutions Tech. Services Insight
© Plucom Technology Ltd.  Nigeria. All right reserved.