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Chuks Udo Okonta
The Coordinating Director of Federal Inland Revenue Service, Nigeria, Olusanya Gbonjubola, has revealed that insurance premiums paid through insurance Brokers was about 90 per cent of the total insurance premium collected in year 2024, while insurance Companies contributed less than N20 billion of over N21 trillion taxes collected.
The revelation was made at the inaugural lecture organised by LASPOTECH Insurance Graduates (LIGs) Club, which was tagged “Insurance Taxation in Nigeria, Issues and Solutions” held in Lagos.
Gbonjubola, who represented the Chairman, Federal Inland Revenue Service, Nigeria, Zacc Adebiyi, noted that of the over N21 trillion taxes collected by the Revenue Service in 2024, insurance Companies contributed less than N20 billion.
“The importance of the insurance brokerage sector in the economy and the tax system cannot be ignored. The Nigerian Council of Registered Insurance Brokers is a foremost player in the insurance industry, with over 500 members”, he said.
Speaking earlier, the President of LIGs Club, Abiodun Durodola, said Insurance taxation in Nigeria was a critical component of the industry and it has far-reaching implications for insurance companies, policyholders and the economy as a whole.
However, he noted that the current taxation regime in Nigeria poses significant challenges for insurance operators, from multiple taxation to inadequate tax incentives.
