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Reps C’ttee Clears NICOM, NDIC 2025 Budget Plans

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…as agencies push for approval of insurance reform bill

By Gloria Ikibah

The House of Representatives has given the green light to the 2024 budget performance review and 2025 financial proposals of the National Insurance Commission (NICOM) and the Nigeria Deposit Insurance Corporation (NDIC).

The approval came after separate presentations by the Commissioner for Insurance, Olusegun Ayi, and NDIC Managing Director, Bello Hassan, during a budget defense session witg the House Committee on Insurance and Actuarial Matters held on Monday in Abuja.

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While addressing the committee, Bello Hassan emphasized that NDIC operates as a self-sustaining agency.
He said, “We fund out operations from the premiums we received from participating financial institutions. This premium is invested in government securities as provided in the act and the proceeds are used to finance our activities and the surplus is remitted to the Consolidated Revenue Fund in line with the provisions of Fiscal Responsibilities Act”.
Hassan also hihighlighted NDIC’s 2024 budget performance, and he said it was as at September 2024.
He added,” We have the figures as at December, but when the request comes, we were asked to submit the management accounts as at September 2024. So that’s why these numbers are as at September 2024″.
Presenting the 2025 budget estimate, he said, the NDIC intends to generate a gross income of N433.9 billion, before target funding.
Hassan added, “And when you less target funding of N73.9 billion, we expect to realize a total income of N360.1 billion in the year 2025. 50 percent of this income is supposed to go to the Consolidated Revenue Fund in line with the Fiscal Responsibility Act annd the circular issued by the Honorable Minister”.
In his presentation, the NAICOM’s Commissioner for Insurance, Olusegun Ayi informed that, the Commission has a budget estimate of N29.931 billion for the 2025 fiscal year.
He said, “And this is broken down into two major sources of revenue, the first being the Insurance Levy. The Insurance Levy is projected to be N17.6 billion, while fees and penalties is projected to be N12.3 billion, giving a total of N29.9 billion.
“But out of this, Mr Chairman, 50% will be going to the consolidated revenue fund by way of auto deduction. The balance is a N14.96 billion, which will be the available total IGR for the commission to operate. I will not make too much comment in this regard, but I will jump to the expenditure side.
“On the expenditure side, Mr Chairman, we have a gross total expenditure of N14.906 billion, which again is broken down into recurrent expenditure of N13.03 billion, and a capital expenditure of N1.873 billion. In this regard, I think there have been some ambition on the part of the commission.
“Because we intend to be able to within this very modest budget, be able to carry out effectively the business of regulating the sector and be able to make the desired difference. We desire to be that sector that will continue to give the needed, so called, the needed backing to the Nigerian economy”.
The two heads of the agencies pleaded with the Committee for a speedy passage of the Insurance Reform Bill 2024 which is before the National Assembly.
The NICOM Boss said, “We need the powers of the law. Currently, the regulator is designed as a regulator, but giving only a voice in terms of biting that are limited powers that have been granted in the existing laws. And to this extent, you have been an integral part of the process that has put up the …new insurance bill, which is the 2024 Insurance reform bill currently before the House of Representatives.
“With your kind permission, I would like to also say that we are trusting in the ability of this committee to effectively deliver and make us that focal attention for our national economy, in terms of being able to effectively contribute to the growth and development of the Nigerian economy, insurance is set.
“It’s just the enabling environment, and that can only be to the extent that we’re able to put together a bundle of laws, not only futuristic, but can address current challenges”.
The Committee adopt the 2025 budget proposals by the NDIC and NAICOM.

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Kwara govt revokes signage, billboard licenses

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The Kwara State Government has announced the immediate revocation of all signage and billboard licences issued in 2024 with enforcement actions set to begin next week.

The government also warned that identification and removal of unauthorised billboards would commence shortly.

The announcement was made in a statement released on Sunday by the Chairman of the Kwara State Task Force Committee on Illegal Billboards and Signages, Bolanle Olukoju.

Olukoju, who is also Commissioner for Communications, explained that the revocation was in line with a previous notification suspending all billboard licences in the state.

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He said the move aimed to facilitate the removal of unauthorised and improperly erected billboards, posters, and light pole banners throughout Ilorin and other urban centers.

“This initiative aligns with the Urban Renewal Programme of the Governor AbdulRahman AbdulRazaq-led administration, which seeks to transform Kwara into a modern and visually appealing state,” he said.

The government also confirmed that no new registrations or renewals of signage and billboard licences would be processed until further notice.

The temporary measure, the statement added, will allow the state to finalise a new regulatory framework for outdoor advertising.

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The statement further emphasised that identification of non-compliant billboards is already underway, and owners of unregistered billboards are urged to remove them immediately.

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FG outlines requirements for civil servants wishing to change their name, next of kin

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The Federal Government has unveiled requirements for civil servants seeking to migrate their salaries, change their names and their next-of-kin among others.

This was revealed in a memo by the Office of the Head of Civil Service of the Federation dated March 12,2025 and addressed to all Federal Government Ministries, Departments and Agencies.

The memo said the government had observed that civil servants effecting the changes on their names and next-of-kins do not submit the necessary documents needed to effect such changes, hence the need for the memo.

“Further to the Circular Ref. HCSF/PS/CMO/IPPIS/I/VOL.I/508 dated 1st November, 2022 on the above subject, the Office of the Head of the Civil Service of the Federation has observed that some Ministries, Departments and Agencies do not attach the required documents which would facilitate granting approvals for migration of saiary, change/correction of names, gender and next-of-kin within the shortest possible time.

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“MDAs should therefore, note and be guided by the following Standard Operating Procedures for requests on changes/corrections on HR records of employees on the IPPIS Platform:

With the implementation of the Human Resource component of the IPPIS in the Federal Public Service, it has become necessary to take note and be guided by the above requirements.

“Kindly note that requests that are forwarded to the Office of the Head of the Civil service of the Federation without specific documents will not be processed for approval. Please bring the content of this Circular to all concerned for strict compliance,” the memo read.

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Atiku supports Lagos corps member facing threats due to viral video

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Ex-Vice President Atiku Abubakar has expressed support for a Lagos-based National Youth Service Corps member, Ushie Uguamaye, also known as Raye, who claimed to have received threats after her viral video criticising President Bola Tinubu’s administration.

In a statement shared on X on Sunday, Atiku praised Raye’s courage, describing her as a symbol of a new generation of politically engaged women committed to advocacy and democratic participation.

“Raye embodies the spirit of a new generation of women who champion the ideals of popular participation and unwavering advocacy in the political sphere.

“I deeply admire her boldness and wisdom—her fearless resolve to speak truth to power, undeterred by the weight of opposition,” Atiku wrote.

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The former presidential candidate likened Raye to historic female activists such as Gambo Sawaba, Funmilayo Ransom-Kuti, and Margaret Ekpo, who played pivotal roles in Nigeria’s political landscape.

Atiku called for support rather than hostility towards Raye.

“Rather than being met with hostility, Raye deserves encouragement and support. She is a shining emblem of the Nigerian youth—a testament to the long-held promise that the leaders of tomorrow are already among us, ready to shape a better future,” Atiku said.

Raye, a corps member serving in Lagos, recently made headlines after a video she posted criticising government policies went viral.

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She later claimed to have faced threats, reportedly from NYSC officials, pressuring her to take down the video.

In the video posted on her TikTok account #talktoraye on Saturday, Raye voiced frustration over Nigeria’s deteriorating economic situation, lamenting that hard work no longer guarantees financial stability.

She criticised Tinubu’s leadership, calling him a “terrible leader,” and questioned the government’s commitment to easing citizens’ hardships.

Authorities have yet to comment on her allegations.

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