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N2.54bn Debt: NASS Loses Insurance Cover On Assets
The National Assembly is losing its group insurance cover for owing Insurance Service Providers to the tune of N2.54 billion in terms of premium on vehicles, fixed asset and life policy, our correspondent, reports.
The law requires insurance cover for assets, public officers and properties of government institutions, but the insurance policy covering the legislature as at today has been bankrolled due to huge debts.
Checks on some sections that deal with insurance policy of public institutions:
“Section 9(3) of Pension Reform Act, 2004 said, all employers (including the National Assembly) are required to maintain Group Life Insurance Policy in favour of Public Servants for a minimum of three times the total annual
emolument of the employee.
Moreso, “the National Insurance Act, 1997 makes it mandatory for all owners of Public buildings to insure against the hazards of collapse, fire, earthquake storm and flood. In addition, Section 68 of the Insurance Act also provides that no vehicle, inclusive of Government vehicles shall be used on a road unless a liability which may thereby incur in respect of damage to property of third parties is insured with a registered insurer.
Speaking with newsmen yesterday for further clarification, a Deputy Director in Finance and Accounts who pleaded not to be named told newmen that the development was unimaginable given the fact that it was mandatory to insure government properties against fire and other hazards.
He explained:
“Unfortunately, the National Assembly is presently owing Insurance Service Providers in terms of premium on vehicles, fixed assets and life policy.
“This means , that we no longer have insurance cover based on the policy of “no premium, no cover”.
Asked what was the sum total expected to be assured, he said:
The details of the total insurance premium liability of the National Assembly till date stands at:
Senate Vehicles, 716,660,142.60 House of Representatives Vehicles, 430,357 ,518.63
Management Vehicles, 170, 964,052.50 Group Life Insurance Scheme (Staff) stands at 736,356,157.10, totalling N2,054,337,870.83.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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