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Reps C’ttee Clears NICOM, NDIC 2025 Budget Plans

Published

3 months ago

February 11, 2025

Gloria Ikibah

…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.

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.

Related Topics:chairman Economy Nigeria Nigerian Reps

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VeryDarkMan: NGO condemns arrest, maltreatment of activist

Published

1 hour ago

May 5, 2025

ADMIN

The Centre for Credible Leadership and Citizens Awareness, has condemned the manner in which Martins Otse, popularly known as VeryDarkMan was arrested and maltreated by the EFCC.

In a statement issued and signed on Monday by its Director General, Dr
Nwambu Gabriel noted that:

“We are compelled to issue this press statement in response to the distressing reports surrounding the recent arrest of human rights activist Martins Ortse, popularly known as VeryDarkMan (VDM), by the Economic and Financial Crimes Commission (EFCC).

The manner in which VDM was apprehended and treated is not only unacceptable but reflects a disturbing trend of impunity and abuse of power that undermines the human rights of Nigerian citizens.

VDM’s arrest, reportedly executed in a manner reminiscent of a military-style operation, stands as a stark violation of his basic human rights. Accounts of his treatment—being blindfolded, subjected to physical assault, and detained without adherence to lawful arrest procedures—are deeply troubling and invoke the principles enshrined in the Nigerian Constitution and international human rights laws. These actions are not merely procedural errors; they represent a fundamental disregard for the rule of law and human dignity.

*Key Concerns:*

1. *Violations of Human Rights*: The treatment meted out to VDM—torture, humiliation, and unlawful detention—contradicts fundamental rights guaranteed under the Nigerian Constitution, particularly the right to dignity, liberty, and fair hearing. Such actions are incompatible with both the Administration of Criminal Justice Act (2015) and international legal standards.

2. *Lack of Justification for Arrest*: The EFCC has failed to provide any legal justification for the reported actions against VDM. It is essential to remember that no individual is to be punished without due process. If the EFCC has evidence of wrongdoing, they must adhere to legal protocols and ensure that VDM is charged in a court of law, affording him the opportunity for defense.

3. *Repercussions on Nigeria’s Global Image*: The actions of the EFCC in this case potentially disgrace Nigeria on an international level. Such behavior can undermine the country’s reputation and portray it as a place where dissent is met with repression rather than dialogue. The importance of upholding human rights cannot be overstated in preserving Nigeria’s standing in the community of nations.

In light of these grave concerns, we call upon the Economic and Financial Crimes Commission to take immediate action by:

1. *Releasing Martins Ortse (VeryDarkMan) forthwith* if there are no formal charges against him.
2. If charges exist, the EFCC must promptly charge him in a competent court, ensuring that all legal rights are upheld and that he receives just treatment in accordance with the law.
3. Ceasing all forms of intimidation and harassment against individuals who engage in constructive criticism or activism, as this undermines the democratic values that Nigeria purports to uphold.

The Centre for Credible Leadership and Citizens Awareness stands firmly against any form of dehumanization and violence perpetrated against citizens, particularly those exercising their fundamental rights to freedom of expression and assembly. We urge the EFCC to rectify the current situation, display accountability, and restore faith in the institutions meant to serve the Nigerian people.

Sincerely,

Nwambu Gabriel, Ph.D.,
Director General
Centre for Credible Leadership and Citizens Awareness

News

Nigeria Targets Electricity Access for 300 Million Africans by 2030 – Speaker Abbas

Published

3 hours ago

May 5, 2025

Gloria Ikibah

By Gloria Ikibah

Speaker of the House of Representatives, Rep. Tajudeen Abbas has said that Nigeria is taking a frontline role in the push to expand electricity access across Africa, to help power about 300 million people on the continent by 2030.

The Speaker disclosed this while delivering the keynote address at the First Legislative Conference and Expo on Renewable Energy, organised by the House Committee on Renewable Energy, in collaboration with the United Nations Development Programme (UNDP) held in Lagos on Monday.

The conference brought together lawmakers, industry stakeholders, and development partners to explore renewable energy solutions and legislative frameworks for boosting access and affordability.

Abbas praised President Bola Tinubu’s approval of a $1 billion funding package for Nigeria’s Rural Electrification Agency in December 2024, and described it as a major boost for energy inclusion.

According to him, Nigeria’s participation in the Mission 300 initiative, a joint effort with the World Bank and African Development Bank demonstrates the country’s growing commitment to clean, sustainable energy for underserved communities.

He said: “This initiative speaks to Nigeria’s readiness to lead by example on the continent. It is about more than power, it is about development, opportunity, and progress.

“On the continental stage, Nigeria has assumed a leadership role. Through our participation in the Mission 300 Initiative with the World Bank and the African Development Bank, we are working to provide electricity to three hundred million Africans by 2030.

“While progress has been made, the road ahead requires sustained effort. The success of this transition depends on coherent actions across all institutions. Legislators must establish sound legal foundations. The executive must implement with integrity and urgency. The private sector must invest in innovation and scale. Civil society must foster awareness, inclusion and accountability. This conference, therefore, provides an opportunity to reaffirm our shared commitment”.

Speaker Abbas pleaded that the momentum built so far should not be allowed to be lost and that the resolutions should lead to concrete outcomes, including model legislation, greater investments, and the adoption of new technologies.

The Speaker reaffirmed Nigeria’s internal strides toward a clean energy transition, highlighting the legislative reforms championed by the 10th House of Representatives, which includes the recent establishment of a Standing Committee on Renewable Energy, that coordinates national efforts in expanding access to clean power.

“Our legislative agenda recognizes energy reform as central to our national priorities. Strategic Objective 8.5 aims to promote renewable energy development while ensuring access, efficiency, and environmental responsibility”.

The Speaker cited recent legislative milestones by the House to include: passage of new tax reform bills that eliminate Value Added Tax (VAT) on renewable energy components and Compressed Natural Gas (CNG) technologies. These reforms, according to his, are designed to stimulate private investment and enhance affordability in the clean energy sector.

He assured that the House is also working to provide legal backing for Nigeria’s Renewable Energy and Energy Efficiency Policy (REEEP) 2015, a framework that seeks to boost renewable energy adoption, curb greenhouse gas emissions, and improve energy efficiency nationwide.

Speaker Abbas further noted that the urgency to transition to clean energy is no longer optional, citing global energy trends that show a decisive shift toward renewables. He noted that in 2024, renewable energy accounted for over 92 percent of new global power generation capacity, driven primarily by solar and wind, bringing the world’s total installed capacity to over 4,448 gigawatts, a 15% year-on-year increase.

He also referenced international investment figures from 2023, where $1.7 trillion of the $2.8 trillion total global energy investment was directed toward renewable energy, energy efficiency, and electric mobility.

“This is a structural reorientation of the global energy economy,” Abbas said. “Nigeria must align with this reality to stay relevant, competitive, and environmentally responsible.”

He pointed to legislative successes in countries such as Egypt, Germany, and members of the European Union, where robust legal frameworks have accelerated clean energy expansion. He called for African parliaments to emulate such examples through strong laws, decentralized energy strategies, and support for independent power producers.

Speaker Abbas commended the Tinubu administration for key energy policy reforms, particularly the Electricity Act of 2023, which devolved control over the power sector to sub-national governments, thus encouraging localized energy solutions and private-sector participation.

He said of the $1 billion approved by the President Tinubu, $750 million is earmarked for expanding solar access in underserved areas, resulting in the deployment of 124 mini-grids and over 25,000 solar home systems, benefiting more than 200,000 Nigerians.

“Such bold investments are game-changers,” the Speaker said. “They show what is possible when policy, financing, and legislation align.”

The Speaker reiterated Nigeria’s commitment to its Energy Transition Plan, which lays out a path to achieving net-zero emissions by 2060. He also welcomed the launch of the Nigeria Carbon Market Activation Policy in March 2025, aimed at unlocking climate finance and enhancing project viability.

He emphasized that legislative support, policy innovation, and private-sector engagement are all required for the success of Nigeria’s green transition.

Abbas said that legislators must enact and enforce strong legal foundations, while the executive branch must implement these policies with urgency and integrity.

“The private sector must invest boldly, and civil society must foster awareness, inclusion, and accountability,” he added.

He urged participants to take full advantage of the conference to develop concrete resolutions, model legislation, and partnerships that will deliver tangible results.

“Let us not lose the momentum we’ve built,” Abbas said. “Let this conference be remembered not just for the conversations it sparked but for the change it inspired,” he said.

Speaker Abbas underscored the importance of continental collaboration. He lauded the participation of fellow African parliamentarians and emphasized the value of cross-country learning in strengthening regional capacity for renewable energy development.

Earlier in his remarks, Chairman House Committee on Renewable Energy, Rep. Afam Victor Ogene, called for urgent action, as Nigeria’s continued reliance on fossil fuels, despite its vast reserves, has failed to provide reliable electricity, stifling economic growth and productivity.

Ogene noted that while fossil fuels are vital to the economy, the country must diversify its energy sources to ensure sustainability and reduce dependence on non-renewable resources.

“The persistent power supply challenges we face are not just a technical issue, they are a barrier to our national development. To move forward, we must embrace renewable energy as a critical component of our energy strategy,” he said.

Highlighting the importance of legislative action, Ogene stated the recent steps by the House to ensure government agencies transition to renewable energy sources for their operations.

He also revealed that the Committee had launched investigations into the management of past renewable energy investments, emphasizing the need for accountability and transparency in future projects.

“The transition to renewable energy is not just about power generation; it’s about creating economic opportunities, especially for our youth. Every solar panel and clean energy initiative represents potential jobs and skills development,” Ogene added.

Speaker of the Parliament of Ghana, Honourable Alban Sumana Kingsford Bagbin, said the Conference was not just a testimony to the increasing urgency to address energy challenges, but also a call to policymakers, legislators, investors, community and innovators to take action towards shaping a sustainable energy future.

Represented by Ghana’s First Deputy Speaker of Parliament, Hon. Bernard Ahiafor, he called on African legislators to play a central role in driving the continent’s transition to renewable energy, emphasizing that sustainable energy is vital for Africa’s development and climate goals.

Ahiafor applauded Nigeria’s efforts in convening stakeholders to identify legislative and policy gaps in the renewable energy sector. He stressed the need for inclusive policies that attract investment, expand energy access, and support local industries.

Citing global data from the International Renewable Energy Agency (IRENA), he noted that over 80% of new electricity capacity in 2023 came from renewable sources, signaling the rapid pace of the global energy transition.

However, he cautioned that Africa remains underpowered, with more than 600 million people still without access to electricity despite holding 60% of the world’s best solar resources.

He spotlighted Ghana’s progress in the sector, including utility-scale projects like the 50MW solar PV farm and the sub-region’s first floating solar plant.

He also highlighted Ghana’s off-grid initiatives and favorable policies like net metering, tax incentives, and green financing through programs such as SUNREF and the Green Climate Fund.

Ahiafor emphasized the importance of legislative backing in energy reform, referencing Ghana’s Renewable Energy Act and other key laws.

He also reiterated Ghana’s commitment to international agreements like the Paris Accord and Sustainable Energy for All.

He urged African nations to work collaboratively across borders to power homes, schools, and industries with clean, affordable energy, stressing that a just and inclusive transition is essential to ensure no community is left behind.

The UNDP Resident Representative, Ms. Elsie Atafuah, said the cost of inaction was too high.

She said the world is reorganizing around energy, minerals, and climate security, adding that the next superpowers will be those who master the green value chain.

Atafuah said Nigeria has the people, the resources, and the influence to lead but leadership requires courage, vision, and legislative action.

She said today, the world stands at a critical moment with rising planetary challenges such as climate change, pollution, and biodiversity stress geopolitical realignments. amidst even more significant

Atafuah said this is a defining moment for Nigeria’s development journey, where energy is not only a development necessity but a cornerstone of economic competitiveness, national security, and global positioning.

She said as countries across Africa and around the world make bold strides to secure their energy futures and critical mineral assets, the choices Nigeria makes today will shape its trajectory for decades to come.

She said UNDP and the United Nations stand ready to support, through scalable solutions, policy design, technical assistance, financing models, and strategic partnerships.

She urged that the Conference should mark the deepening of Nigeria’s energy and mineral economy, clean, competitive, and globally relevant.

News

Court delivers another judgement in favor of Amaewhule, others on Rivers Assembly crisis

Published

3 hours ago

May 5, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

A Federal High Court in Port Harcourt has dismissed a case brought by lawmakers loyal to Rivers State Governor Siminalayi Fubara, challenging the positions of 27 State House of Assembly members that defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

The ruling was delivered by Justice Emmanuel Obile, who explained that the lawmakers, led by Speaker Martins Amaewhule, remain valid members of the House.

This follows an earlier Supreme Court decision in February that had also refused Governor Fubara’s push to remove the defected lawmakers.

Governor Fubara’s legal team, headed by Yusuf Ali, had already withdrawn the appeal at the Supreme Court, stating that new developments had overtaken the matter.

The Rivers Assembly, represented by Wole Olanipekun, did not oppose this withdrawal.

The case at the Federal High Court was filed by three pro-Fubara lawmakers — Victor Oko-Jumbo, Adolphus Orubienimigha, and Sokari Goodboy Sokari — who asked the court to declare the seats of the 27 lawmakers vacant since they left the PDP, the party under which they were elected.

But the court ruled that their defection did not break any constitutional rule that would force them out of office.

“This court cannot close its eyes to the binding precedent of the Supreme Court, which in February recognised the leadership of the Rivers State House of Assembly under Speaker Martins Amaewhule. That decision, being from the apex court, is final and conclusive,” Justice Obile ruled.

Speaker Martins Amaewhule reacted positively to the judgment, saying it confirmed their right to stay in the Assembly.

Meanwhile, Governor Fubara’s supporters were disappointed by the decision.

This ruling marks another chapter in the political struggle between Governor Fubara and the pro-Wike faction of the Assembly, a conflict that has been ongoing since the December 2023 defections.

For now, the pro-Wike lawmakers have secured some breathing room, even as tensions continue between both camps.