Following the signing of the N7.44 trillion 2017 budget and the promise to release N350 billion for capital projects, the Nigerian Council of Registered Insurance Brokers, (NCRIB) has urged insurance industry operators to canvass for assets insurance as obtainable in other climes.
NCRIB President, Kayode Okunoren, gave the advice at the group’s monthly Members’ Evening in June, hosted by Saham Unitrust Insurance limited in Lagos.
Speaking on budget implementation, Okunoren appealed to Federal Government to always consider the plight of common man and make constant efforts at removing bottlenecks and bureaucratic restraints to budget implementation.
He said it is disheartening to note that a budget of 12 months calendar got the ascent of the Federal Government for implementation at half of the same year. “We like to join well-meaning Nigerians to commend the Federal Government on the recent signing of the N7.44 trillion budget for 2017, ending several months of speculations over the status of the document. With the signing of the budget, and the consequent promise of government to release N350 billion for capital projects, it is hoped that the nation would successfully get out of economic recession.
“The fact that the funds would be substantially spent on capital projects needs to be applauded. In the light of this, the NCRIB is advocating that the expenditure be closely monitored to ensure it is diligently executed. It is our hope that the insurance industry would also take advantage of this expenditure to canvass for insurance of those assets as obtainable in other climes.
“A time like this is quite apt to appeal to the Federal Government to always ensure early preparation of national budgets so as to forestall the mistakes of the past. It is disheartening to note that a budget of 12 months calendar got the ascent of the Federal Government for implementation at the half of the same year.
“We appeal to our government to always put into consideration the plight of common man in the street and make constant efforts in removing all critical bottlenecks and bureaucratic restraints to prompt signing of budget into law.”
The Managing Director of Saham Unitrust, John Ijerheme, said the new management is poised to reposition the company to play a leading role in the industry, adding that following the repositioning strategy of the company, premium income grew by 40 per cent in 2017.
He added that the company has paid a total of N318 million as claims as at May this year against N315 million it paid at the same period last year.
He further assured the brokers that the company will continue to put in its best to ensure that they deliver at all times.
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