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The National Insurance Commission (NAICOM) has warmly welcomed the passage of the new Insurance Consolidated Bill by the Upper Chamber of the National Assembly and is optimistic that the legislation will unlock the growth, prosperity, and potentials of the insurance sector. The passage of the Bill has marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades.
The Commission believes that the Bill is a game changer for the Nigeria’s insurance industry, and is going to have high positive impact on the contribution of insurance sector to the country’s GDP and economy as a whole.By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen the Nigeria’s insurance industry. The bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry.Passage of the Bill marks a significant triumph for Nigeria’s insurance industry, tackling the long-standing challenge of low insurance penetration in the country. The new legislation addresses the industry’s need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally.The newly passed bill introduces several pivotal provisions aimed at fortifying Nigeria’s insurance industry. Key highlights of the legislation include:Enhanced Capital Requirements: New minimum capital requirements for insurance companies, ensuring they are adequately capitalized to underwrite risks and protect policyholders.Risk-Based Supervision: Consolidation of the risk-based approach to supervision, enabling regulators to more effectively monitor and manage risks within the industry.Strengthened Consumer Protection: Improved consumer protection requirements, safeguarding the interests of policyholders and promoting transparency and fairness in insurance practices.Streamlined Regulatory Framework: An enhanced regulatory framework, providing clarity and consistency in the regulation of insurance businesses, and facilitating a more efficient and effective supervisory process.This achievement comes after years of operating with laws that have failed to keep pace with the country’s evolving economic landscape. Unlike other sectors that have undergone multiple phases of legislative reforms to reflect current economic realiti
The Osun House of Assembly has finally passed the Osun State Public Procurement Bill, 2024.
A statement by the Speaker, Adewale Egbedu, issued by his spokesperson, Olamide Tiamiyu, on Monday, said the Assembly passed the bill during a plenary session he presided over.
The statement said, “The motion for the bill’s third reading was introduced by the Majority Leader, Babajide Kofoworola Adewunmi, and received support from Lawal Bamidele Rasheed, the representative for Osogbo State Constituency.
“This Bill aims to give legal backing to the existence of the State Public Procurement Agency, along with addressing related matters.
“A finalised copy of the bill will be sent to the Executive Governor for his approval.”
The Attorney-General and Commissioner for Justice of Lagos State, Mr. Lawal Pedro, SAN, announced that the Human Organ and Tissue Transplantation Bill has been signed into law to prevent illegal organ harvesting.
Pedro shared this information on Thursday during a press briefing at the Ministry of Justice in Alausa, Ikeja, where he highlighted the importance of the new legislation alongside four additional laws.
He noted that the state governor, Babajide Sanwo-Olu, signed the laws to reaffirm his administration’s dedication to the welfare, security, and prosperity of Lagos residents.
The other newly enacted laws include the Consumer Protection Law, Lagos Enforcement Training Institute Law, Victims Assistance and Witness Protection Law, and Fire and Rescue Service Law.
He said, “These laws are not just milestones in the state’s legislative journey; they demonstrate our unwavering commitment to ensuring that Lagos remains a beacon of progress, justice, and opportunity in Nigeria.
“As a government, our priorities have always been to address the immediate needs of our citizens, protect their rights, ensure their safety, health and prosperities.
“In this regard, the recently signed laws cover some critical areas of public welfare, human rights, safety, and environmental sustainability.
“These Laws have been thoughtfully designed to tackle some of the most pressing issues facing our state while paving the way for a more just, secure and prosperous future for all residents of Lagos.”
The House of Representatives has approved a bill to amend the National Eye Centre Act of 2004, aiming to establish additional specialist eye care centers across the country.
Sponsored by Deputy Speaker Benjamin Kalu and six co-sponsors, the bill proposes the creation of five new specialist eye care centers, one in each of the five geopolitical zones, alongside the existing center in Kaduna, located in the North Central zone.
According to reports, the bill’s passage coincides with ongoing debates in the Senate over President Bola Ahmed Tinubu’s Tax Reform Bills.
During Wednesday’s plenary session, Kalu, speaking on the general principles of the National Eye Centre Act amendment, emphasized the legislation’s goal of expanding access to quality eye care services across all six geopolitical zones.
He also underscored the importance of the amendment in addressing the healthcare needs of the country’s growing population and the rising prevalence of eye-related diseases.
He said, “As we are all aware, access to quality healthcare services, especially in specialised areas like eye care, is crucial for the well-being of our citizens. The statistics reveal that preventable and treatable eye conditions are a leading cause of disability in Nigeria, with cataracts, glaucoma, and refractive errors remaining prevalent in many parts of the country, especially in the rural areas where access to specialised care is limited.
“Unfortunately, the existing National Eye Centre in Kaduna, though commendable in its efforts, is unable to adequately meet the eye care needs of our vast and diverse nation. This inadequacy has led to disparities in access to eye care services, particularly for those in remote or underserved areas.
“The proposed amendments, thus, aim to rectify this situation by expanding the establishment of National Eye Centres to strategic locations across the six geopolitical zones of the country. By doing so, we aim to provide a framework that will enhance and improve access to quality eye care, ensuring that no Nigerian is left behind due to geographical barriers.
“We hope to ensure that every Nigerian, regardless of location, can access quality eye care services. This is not just a matter of healthcare; it is a matter of equity and social justice. This bill, which seeks to enhance and improve access to quality eye care in Nigeria, has the following key provisions:
“The creation of 5 additional Specialist Eye Care Centres spread across the remaining 5 geopolitical zones of Nigeria not originally covered by the principal legislation, which only provided for an Eye Care Centre in Kaduna, North West Nigeria.”
Six-time Super Bowl-winning head coach Bill Belichick has agreed to a five-year deal to become the next coach at North Carolina.
The school announced the hiring Wednesday night, roughly a week after the 72-year-old Belichick’s name surfaced as an unlikely candidate to replace the program’s winningest all-time coach in Mack Brown.
The deal requires approval by UNC trustees, though that board hadn’t announced a new meeting as of Wednesday night. An introductory news conference has yet to be scheduled.
“We know that college athletics is changing, and those changes require new and innovative thinking,” UNC athletics director Bubba Cunningham said in a statement. “Bill Belichick is a football legend, and hiring him to lead our program represents a new approach that will ensure Carolina football can evolve, compete and win—today and in the future.”
The school announced Nov. 26 that Brown wouldn’t return for a seventh season in his second stint in Chapel Hill, a firing that became effective after the program’s all-time wins leader coached his finale in the Nov. 30 loss to rival N.C. State.
Moving on from the 73-year-old Brown to hire the 72-year-old Belichick means UNC is turning to a coach who has never worked at the college level, yet had incredible success in the NFL alongside quarterback Tom Brady throughout most of his 24-year tenure with the Patriots, which ended last season.
Belichick had been linked to NFL jobs in the time since, notably the Atlanta Falcons in January. That’s why word of Belichick’s conversations with UNC—first reported by Inside Carolina and confirmed by the AP last week—stirred such surprise as an unexpected and unconventional route for both sides to take.
But the two sides had been in discussions for several days working on terms before finally reaching an agreement to cap what seemed an improbable outcome only a week earlier.
A bill for an act to establish the Federal University of Technology, Akure Teaching Hospital, has passed the second reading in the Senate.
The passage followed the presentation of the general principles of the bill by its sponsor, Senator Adeniyi Adegbonmire (APC, Ondo Central) during Wednesday’s plenary.
Adegbonmire noted that “In 2010, the National University Commission, NUC, gave final approval for the commencement of a course in Medicine and Surgery, MBBS programme, by the Federal University of Technology Akure, FUTA, with effect from the 2020-2021 academic session.”
He further said that the students of FUTA, which runs a medical and surgery programme, are now approaching the clinical years, which they have to spend in a teaching hospital, a facility that the institution did not have.
According to him, the university is presently in the process of signing a memorandum of understanding, MOU, with the Ondo State Government to allow its students to temporarily use the state’s General Hospital in Akure.
The President of the Senate, Senator Godswill Akpabio, after the bill was read the second time, referred it to the Committee on Tertiary Institutions and Tertiary Education Trust Fund, TETFund, for further legislative inputs. He directed that the bill be returned to plenary in four weeks.
Popular TikToker, Salo, has revealed that Zlatan Ibile contributed ₦3 million towards his medical bills after a Lekki hospital demanded ₦12 million before starting treatment.
Salo, who was shot and rushed to the hospital, shared that his chance of survival was 50/50, and a friend had to sign an agreement acknowledging the risk.
In a viral video on X (formerly Twitter), Salo explained that he had lost a significant amount of blood, and the hospital insisted on the ₦12 million payment upfront.
A woman paid ₦5 million, Zlatan contributed ₦3 million, while his friend and girlfriend managed to raise ₦2 million collectively. Other supporters completed the amount to reach the required ₦12 million.
Salo added that after raising the money, he was placed on oxygen and underwent surgery. However, the hospital later demanded an additional ₦20 million.
He also praised Zlatan for visiting him twice and even bringing him flowers before his surgery.
WATCH VIDEO:
“They first demanded for 12m naira before they could treat me at the hospital, then they demanded another 20m naira. You guys should help me thank Zlatan, he assisted me financially and stood by me”
– Salo pic.twitter.com/cUjTmGdSxk
— BASITO (@itzbasito) December 11, 2024
AHMED MARI, Maiduguri
Governor Babagana Zulum of Borno State has presented N584.7 billion to the state House of Assembly for the 2025 fiscal year.
The Budget tagged the “Budget of Recovery and Continuity,” has a total sum of ₦584.76 billion aimed at consolidating the state’s developmental strides.
The ministries of health, education, finance and economic recovery, alongside critical investments in security, infrastructure, and social services are top priority
The 2025 proposed budget has the sum of ₦380.84 billion as Capital Expenditure and the sum of ₦203.92 billion Recurrent Expenditure to be financed through Recurrent Revenue from the Federation Account Allocation Committee (FAAC) of ₦311.70 billion, Internally Generated Revenue (IGR) of ₦30.09 billion, and Capital Receipts of ₦237.96 billion, which include aid, grants, and a Capital Development Fund.
The Ministry of Health tops the sectoral allocation, with ₦89.97 billion which is 15.39% of the Total Budget size followed by the Ministry of Education with N69.8 billion, the Ministry of Finance with N62.6, the Ministry for Reconstruction, Rehabilitation and Resettlement, RRR, N24.4 billion, while ministry budget has lowest with N4.2 billion.
The health ministry has the highest allocation because of the ongoing construction of Borno State University Teaching Hospitals, the construction of an Orthopaedic Hospital in Maiduguri, the establishment of General Hospitals in Magumeri, Gubio, Azare, Uba, Dikwa, Kaleri, and Mafa, alongside rehabilitation of hospitals in Baga and Mulai. and expansion of the State Health Insurance Scheme for civil servants and vulnerable citizens across the 27 Local Government Areas.
Governor Zulum said, “Enrol civil servants into the State Health Insurance Scheme, expand the enrolment of vulnerable indigenes across the 27 Local Government Areas into the Basic Health Care Provision Fund”.
“The Borno State primary health care development agency would revitalise 100 Primary health care centres in the state and plan to construct 6 additional primary health care centres and upgrade 6 PHCs to comprehensive health centres” Zulum added.
The education sector was allocated ₦69.81 billion, Governor Zulum said that the plan is to establish a new Second Chance School, construct five additional Mega Schools and five Mega High Islamic Schools, rehabilitate facilities in 50 schools across the state.
Zulum also explained that his administration. has procured food items worth ₦10 billion to address food insecurity, cultivation of 100,000 hectares for rain-fed farming and 50,000 hectares for irrigation and investment in large-scale fish farming.
He said, “In the next fiscal year, the government will invest in programmes aimed at stimulating local economic activities, supporting small businesses and attracting investment”.
He emphasized that the state government has released the sum of ₦22 billion for victim support and reconstruction of damaged infrastructure, including roads, bridges, schools, and healthcare facilities. Other major projects include
Other priority projects in the 2025 budget include the establishment of Maiduguri Dry Port, Dualization of a 7.1km stretch of Maiduguri-Biu Road and the construction of a 6-span bridge across River Ngaddabul as well as Modernization of Borno Radio and Television (BRTV).
Zulum reaffirmed his administration’s dedication to addressing key challenges, including clearing the backlog of pensions and gratuities, noting that the Implementation of ₦72,000 minimum wage for civil servants and teachers has already commenced “Despite the impact of the flood disaster, we are committed to ensuring the welfare of our pensioners,” he said.
He also pledged unwavering support for initiatives that will strengthen recovery, continuity, and resilience across Borno State, ensuring a stable and prosperous future for its citizens.
Responding m, the Speaker of Borno State House of Assembly, Hon Abdulkarim Lawan saud that the House passed a total of 12 laws that will directly promote good governance and impact on lives of the people of the state.
Hon Lawan assured that the House will give the budget and accelerated gearing and their continued support to the Executive arm of the Government
He commended Governor Babagana Zulum for the resettlement of victims of the Boko Haram insurgency, acknowledging the cordial working relationship between the legislature and the executive.
The House of Representatives Committee on Constitution Review is considering a bill to amend the 1999 Constitution to limit the number of ministers appointed by the president to 37.
Titled, “A Bill for an Act to Amend the Constitution of the Federal Republic of Nigeria, 1999 to Streamline the Number of Ministers to be Appointed to the Federal Executive Council.”
The bill is now before the constitution review committee chaired by the Deputy Speaker, Benjamin Kalu.
Sponsored by the members representing Darazo/Ganjuwa and Kaga/Gubio/Magumeri Federal Constituencies of Bauchi and Borno states respectively, the bill seeks to amend Section 147 (1) of the Constitution to read, “There shall be such offices of Ministers of the Government of the Federation, not exceeding 37, as may be established by the President.”
The Federal Executive Council under President Bola Tinubu currently comprises 45 ministers, including substantive ones and Ministers of State.
Successive Presidents appoint a minister from each of the 36 states of the federation and also leave room for other reasons in the composition of his cabinet.
PUNCH reports that the Bauchi lawmaker, Mansur Soro, highlighted the gap the proposed legislation sought to address.
He said, “The bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to specify the maximum number of ministers to be appointed to the Federal Executive Council to address duplication of duties, minimise the cost of governance, and enhance efficiency to service at the federal level.
“We need to reduce the cost of governance, to address inequality in the number of ministers to be appointed from each state and cases of overlapping mandate of ministers. In my opinion, a minister per state is enough while also considering the Federal Capital Territory.”
The lawmaker disagreed on the argument that the president may decide to appoint more than two ministers from a state to accommodate technocrats.
Soro added, “The President has tens of other prime agencies of government and extra ministerial parastatals to accommodate technocrats or politicians. Now, Ogun has four ministers against other states that have one each. Is that fair?”
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The Minister of Information and National Orientation, Alhaji Muhammad Idris Malagi, has urged the Nigerian Institute of Public Relations (NIPR) to educate Nigerians on the benefits to be derived from the Tax Reform Bill.
He made the call on Saturday at the Kaduna State chapter of the NIPR 2024 Annual Lecture/AGM and Awards with the theme, “The Role of Public Relations in Fostering Constructive Dialogue for the National Economic Renaissance.”
The Minister described the event as apt in view of the much-talked-about Tax Reform Bill, explaining that it is targeted at the socio-economic development of the country.
Alhaji Muhammad Idris noted that journalists and members of the NIPR have crucial roles to play in enlightening the public on the concepts and benefits to be derived from the Tax Reform Policy.
According to him, “The federal government plans to implement the policy for the benefit of the generality of Nigerians.”
The President and National Chairman of the Council of the Nigerian Institute of Public Relations (NIPR), Dr. Ike Neliaku, in his remarks, explained that the institute plays a significant role in serving the interests of society through a professional approach.
He added that the NIPR also plays a pivotal role in educating Nigerians on government policies and programs.
Dr. Ike Neliaku further assured that the Nigerian Institute of Public Relations (NIPR) is always ready to partner with citizens on constructive engagement for the nation’s development.
The Kaduna State Chapter Chairman of the NIPR, Mallam Haroun Malami, in his speech, explained that the tax reform is essential for the nation’s growth and development, saying that it is not just about policy but about people’s improvement.
He further explained that the tax reform is about creating a narrative that resonates with all citizens, businesses, and stakeholders.
Mallam Haroun Malami noted that effective governance is the backbone of any successful nation, explaining that in Nigeria, the relationship between the government and citizens is crucial in building trust, credibility, and ultimately a prosperous society.
The Federal Government has reaffirmed that the Tax Reform Bill introduced by President Bola Tinubu, currently awaiting approval in the National Assembly, is designed to streamline tax systems, enhance business operations, and shield low-income earners from excessive financial burdens.
Speaking at a press briefing at the National Orientation Agency (NOA) office in Osogbo, the agency’s Director-General, Mallam Lanre Issa-Onilu, highlighted the bill’s potential to address the issue of multiple taxation, a longstanding challenge in Nigeria.
Represented by the Director of Report Coordination and Improvement, Olubukola Olorunfemi, Issa-Onilu detailed the key features of the proposed reforms.
His words, “The tax reform bills are four different bills that seeks to bring everything about taxation and administration of tax in Nigeria under four different pieces of legislation. The bills are as follows: The Nigeria Tax Bill. The Nigeria Tax Administration Bill. The Nigeria Revenue Service Establishment Bill and The Joint Revenue Board Establishment Bill.
“The Nigeria Tax Bill basically amalgamated all the existing laws in which provisions for taxation was made. When passed, this bill will lead to the repeal of 11 laws that contain provisions on imposition and collection of taxes.
“The government is working to stop different levels of authority from taxing people for the same thing. Those earning very little will pay little or no taxes, helping them manage their finances better.
“New digital systems are being introduced to make tax payments easier, faster, and more accountable. Tax revenue will be used to improve essential public services like schools, hospitals, and infrastructure, ensuring citizens see the benefits of their contributions”.
The Federal Government stated that the reforms are designed to alleviate the financial burden on hardworking Nigerians while promoting a fair and balanced tax system for everyone.
Ogun State Governor, Prince Dapo Abiodun has presented a total of N1,054,542,020,147.47 to the State House of Assembly as the State’s proposed budget for 2025.
Speaking at the Assembly’s Complex, Oke-Mosan, Abeokuta, Governor Abiodun said the budget, tagged “Budget of Hope and Prosperity,” is made up of N453.56 billion as recurrent expenditure and N600.98 billion as capital expenditures.
Giving highlights of the appropriation, the governor said N120.1 billion would go for personnel costs, N37.49 billion for consolidated revenue cost, public debt charges would gulp N76.07 billion, while N219.86 billion would be spent on overhead costs.
On some of the key physical capital projects that would be executed in the 2025 budget, Abiodun listed the renovation of general and state hospitals and the purchase of laboratory and medical equipment across the state, revitalization of 80 primary health centers, and procurement of laboratory and medical equipment across all primary health facilities in the state, as well as the construction of roads across the state.
Other projects include the procurement and energizing of transformers, construction of fire stations across the state, upgrading of rural roads across the state, extension of the Redline Metro Rail from Agbado to Kajola, Blueline Metro Rail from Okokomaiko-Agbara/Lusada, and the Purpleline Metro Rail line.
He said the government would also embark on the construction of the Ogun Lodge Government House in Abuja, rehabilitate 150 km of feeder roads across the state, construct the OGIRS Revenue House, and a modern Court of Appeal in the state.
On the funding of the 2025 budget, Governor Abiodun said an estimated N120.97 billion would come from the State Internal Revenue Service, N193.85 billion from Ministries, Departments, and Agencies (MDAs), totaling N314.82 billion. Statutory allocations from the Federal Government, including Value Added Tax, are projected at N228.06 billion, while capital receipts comprising internal and external loans as well as grants and aids are estimated at N472.66 billion.
Giving a sectoral rundown of the budget, the governor said education would gulp N117.83 billion (17%), health N134.538 billion (13%), housing and community development N66.382 billion (6%), agriculture and industry N65.387 billion (6%), infrastructure N284.456 billion (27%), recreation, culture, and religion N25.27 billion (2%), social protection N39.836 billion (4%), general public service – executive organ N46.863 billion (4%), general public service – (financial & fiscal affairs) N42.284 billion.
He said: “We will continue to accord priority attention to the completion of ongoing projects across the ISEYA development pillars; projects with revenue potentials; projects that enhance employment generation; projects consistent with priorities articulated in the State Economic Development Plan & Strategy 2021 – 2025.
“Projects that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025, namely: Economic Growth and Development; Infrastructure; Public Administration (Governance, Security, and International Relations); Human Capital Development; Social Development; Regional Development; Plan Implementation, Communication, Financing, Monitoring, and Evaluation,” the governor noted.
Giving a review of the 2024 budget, Governor Abiodun said the state had achieved 79% of its pro-rated revenue target and 56% of its pro-rated expenditure target as of September 30, emphasizing that the performance over the past few years underscores the state’s fiscal reliability.
“Our internally generated revenue capacity remains commendable among sub-national entities. We will continue to leverage existing statutes to enhance revenue transparency, broaden the base, and strengthen the state’s finances without imposing additional burdens on residents,” the governor assured.
In his opening remarks, the Speaker of the House of Assembly, Rt. Hon. Oludaisi Elemide, spoke on the need to grant autonomy to the legislature, increase the running cost, provision of official vehicles for the Clerk and other officers, as well as funds for the execution of constituency projects.
He said the Assembly in the last year considered 14 bills, of which nine were passed, while 32 motions were passed into resolutions, adding that the Assembly also ensured that funds meant for projects were judiciously used by Ministries, Departments, and Agencies of government through oversight functions.
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