Banks and Insurance firms in Nigeria are expected to make ₦22.6b from Ministries, Departments and Agencies of the nation’s Federal Government . This revelation came about in the analysis of data supplied in the MDAs’ 2022 budget proposal submitted to Nigeria’s National Assembly.
A breakdown of the figures showed that the ₦22.6b comprises of ₦17.3b projected for payment of insurance premiums and ₦5.3b for bank charges.
However, experts believe the amount may be higher than the ₦22.6b as a number of government agencies did not include their projected spendings for bank charges and insurance premiums in their budget proposal.
According to the document, the top 10 agencies with the highest allocations for insurance premiums are the Federal Inland Revenue Service, Federal Airports Authority of Nigeria, Nigerian Maritime Administration and Safety Agency, Nigeria Copyright Commission, Department of Petroleum Resources, National Agency for Food and Drug Administration and Control, Federal Mortgage Bank of Nigeria, Accident Insurance Bureau, National Youth Service Corps and Defence Mission.
