The Nigeria Insurers Association has commended the Federal Government for earmarking N14.69 billion insurance premium for Group Life Insurance for its workers and assets.
NIA’s Director-General, Sunday Thomas in an interview said the government has done well, adding that there was need for more in terms of insurance of its assets and liabilities nationwide.
The Federal Government voted the amount for Group life for its Ministries, Departments and Agencies (MDAs) of the Federal Government, including Department of State Security (DSS), Insurance of Sensitive Assets and Corps members in this year’s Appropriation Bill passed by the National Assembly on March 23.
According to Thomas, the amount surpasses what previous government budgeted.
He said: “The amount surpasses what it was in the previous years. I think it is quite substantial and it should be commended.
“The government need to secure the 2016 budget with insurance because spending without protection or security will lead to a waste of in government resources.”
He urged the government to ensure that insurance cover is obtained by the MDAs for the execution of both capital and recurrent expenditure of the budget.