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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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2023: El-Rufai regrets throwing his weight behind Tinubu despite all the odds against him

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By Kayode Sanni-Arewa

Ex- Kaduna State Governor Nasir El-Rufai has publicly expressed regret over supporting President Bola Tinubu despite being aware of his past drug trafficking allegations and certificate forgery scandal.

In an exclusive interview with BBC Hausa, El-Rufai revealed that he and others overlooked these issues because they believed Tinubu could replicate his Lagos State governance model on a national scale.

His remarks have sent shockwaves through Nigeria’s political landscape, raising questions about Tinubu’s credibility and leadership. Tinubu’s 1993 Drug Trafficking Controversy One of the most controversial aspects of Tinubu’s past is his alleged involvement in narcotics trafficking in the United States. In 1993, the United States government seized $460,000 from Tinubu after linking his bank accounts to drug-related financial transactions. During the 2022 presidential campaign, this issue resurfaced when the U.S. District Court for the Northern District of Illinois released new documents detailing Tinubu’s alleged money laundering and narcotics dealings. Despite these revelations, Tinubu’s political allies, including El-Rufai, stood by him, believing his economic reforms in Lagos State justified their support.

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*Chicago State University Certificate Forgery Scandal*

In addition to the drug case, Tinubu’s academic credentials have been widely disputed. His Chicago State University (CSU) records became a focal point of controversy when Atiku Abubakar, his main opponent in the 2023 elections, legally challenged his academic qualifications. The case led to CSU releasing documents that cast doubt on the authenticity of Tinubu’s certificate, fueling accusations of forgery and misrepresentation. Opposition figures and critics argue that no sitting president should face such credibility issues.

*El-Rufai’s Growing Discontent with Tinubu’s Presidency*

El-Rufai’s statement highlights growing frustration among some of Tinubu’s early supporters. Many expected strong economic policies, governance improvements, and stability, but instead, they argue his government has been marked by: Economic hardship, with rising inflation and currency devaluation. Political instability, including factional crises within the ruling party. Public discontent, with widespread protests over fuel subsidy removal and economic reforms. El-Rufai admitted that despite knowing about Tinubu’s baggage, he expected him to lead effectively.

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*Tinubu’s Multi-Million-Dollar Lobbying Efforts in the U.S.*

In response to these damaging allegations, reports indicate that Tinubu has paid U.S. lobbyists $2.7 million to improve his international image. According to exclusive findings, the funds were channeled through foreign lobbying firms to influence U.S. policymakers, media narratives, and public opinion.

*Why is Tinubu Paying Lobbyists?*

To counteract negative media coverage about his past scandals. ✔ To improve U.S.-Nigeria diplomatic relations under his leadership. ✔ To influence Western governments and investors for economic partnerships. Critics argue that instead of addressing domestic issues, Tinubu’s administration is focused on repairing his global reputation.

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*What Does This Mean for Tinubu’s Presidency?*

El-Rufai’s public disappointment signals a potential political rift within Tinubu’s camp. With economic hardships mounting and opposition voices growing louder, there are concerns about: ✔ *Dissent within the ruling APC* – Will more political allies distance themselves? ✔

*2027 elections impact* – Will opposition parties use this as campaign ammunition?

*Tinubu’s governance legacy*
– Will he regain public trust, or will these scandals define his tenure?

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*Will Tinubu Address These Allegations?*

With mounting criticism from both supporters and opposition, Tinubu faces a critical moment in his presidency. As economic challenges persist and his past resurfaces, Nigerians are demanding transparency and accountability from their leader.

El-Rufai’s bold admission raises an important question: Did Nigeria ignore red flags in electing Tinubu, and will the consequences of that decision impact the nation’s future?

What’s your take on El-Rufai’s statement? Do you think Tinubu should publicly address these issues? Share your thoughts in the comments.

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2027: El-Rufai becomes prayer warrior, says “I pray, Obi others join opposition alliance

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By Kayode Sanni-Arewa

Ex-Kaduna State Governor, Nasir El-Rufai, has suddenly turned into a prayer warrior as he prays that key opposition figures, including former Vice President Atiku Abubakar and ex-governors Peter Obi, Rotimi Amaechi, and Rauf Aregbesola, to join the Social Democratic Party (SDP).

El-Rufai, who recently resigned from the All Progressives Congress (APC) and joined the SDP, cited dissatisfaction with the ruling party’s leadership as his reason for defection. His move has sparked speculation about a potential opposition coalition ahead of the 2027 elections.

In an interview with BBC Hausa, El-Rufai emphasised the need for opposition leaders to unite under one platform.

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What I want and pray for is for all opposition leaders—Atiku Abubakar, Peter Obi, Rotimi Amaechi, and Rauf Aregbesola—to join the SDP,” he said.

He also expressed disappointment with the current administration, stating that his initial support for Bola Tinubu was based on the expectation that he would replicate his achievements in Lagos at the national level.

El-Rufai stated, “What pains me is that the government we supported and had confidence in would do well, because we saw what Tinubu did in Lagos despite his challenges. We all know about his issues in Chicago, but we thought if he could replicate his work in Lagos for Nigeria, let’s support him. However, he failed.”

Addressing claims that he had betrayed Atiku, El-Rufai clarified that their relationship was professional rather than political.

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“I never betrayed Atiku Abubakar because we didn’t meet in politics; we met at work. In work, if I see that he didn’t do well, whoever he is, I will tell him. I told Buhari, and I even took Buhari to court on the new naira issue. When Obasanjo and Atiku were having issues, those of us working with Obasanjo looked at the issues between them and said Obasanjo was more right. It was not about north and south; Obasanjo was right. Atiku and I are now together, and if I betrayed him, why are we together now?” he added.

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Senator Ireti Kingibe vows to champion sexual harassment allegation against Akpabio

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The Senator representing the Federal Capital Territory (FCT), Ireti Kingibe, has reaffirmed her commitment to standing in solidarity with Senator Natasha Akpoti-Uduaghan when she formally presents her sexual harassment petition before the Senate.

Kingibe emphasized that she remains unwavering in her advocacy for justice and women’s rights, stating that her stance is rooted in truth rather than political sentiment. She clarified that her actions were never intended to undermine Akpoti-Uduaghan’s allegations against Senate President Godswill Akpabio but to ensure due process in handling the matter.

In a statement released to journalists, Kingibe acknowledged the public outcry surrounding the issue and sought to clarify her position.

“As the Senator representing the Federal Capital Territory in the 10th Senate and the Chairperson of the Senate Committee on Women Affairs, I recognize the concerns of Nigerians and would like to officially address them,” she stated.

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She assured that she would be at the forefront of ensuring that the allegations are thoroughly investigated when they reach the Senate floor.

“I am aware of the ongoing discussions, and I want to set the record straight. My position was never to dismiss or undermine the claims made by my colleague. Rather, I was initially unaware of any such incidents. However, I remain steadfast in the fight against all forms of violence against women and girls,” she added.

Kingibe underscored the need for a fair and transparent investigative process, insisting that sexual harassment allegations must be handled with diligence.

“Once an accusation of sexual harassment is formally presented to the Senate, it is imperative that the matter is investigated thoroughly using the appropriate mechanisms within the institution. The office I chair—the Senate Committee on Women Affairs—serves as a beacon of hope, equality, and justice for Nigerian women. Therefore, I demand an open and transparent investigation into these allegations, ensuring justice for all parties involved, regardless of gender, status, or social class,” she asserted.

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Advancing Gender Equity and Legislative Efforts
Kingibe reiterated her dedication to championing gender rights and expanding female representation in governance. She revealed that she is actively working on legislative initiatives aimed at promoting inclusivity, including the 35% Gender Inclusion Bill and the establishment of special seats for women in governance.

“The Gender Equity Bill 2025 (SB 743), which I am sponsoring, has passed its first reading and is now awaiting a second reading. This bill is critical in ensuring increased political representation for women across all sectors,” she noted.

Furthermore, she reaffirmed her commitment to good governance and dispelled any misinformation suggesting she sympathizes with sexual harassment in any form.

“Any claims attempting to portray me as indifferent to sexual harassment, whether in the Senate or elsewhere, should be disregarded. As a leader and senator, I will never do anything to betray the trust of the people,” she stated.

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A Call for Justice and Accountability
Kingibe concluded by reiterating her dedication to upholding democracy, fairness, and justice in Nigeria.

“I remain resolute in my service to the Nigerian people and committed to fostering a democracy where justice, fairness, and equality prevail. I urge all Nigerians, especially women, to remain steadfast in demanding accountability and justice in all aspects of governance,” she declared.

Her statement comes amid growing calls for institutional reforms to address sexual harassment and gender-based violence in Nigeria’s political and professional spaces.

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