Senate Expresses Discontent With Agricultural Insurance Commission’s Inconsistent Financial Records

The Nigerian Senate, led by Senator Sani Musa, scrutinized the Nigerian Agricultural Insurance Commission (NAIC) on Monday, highlighting concerns about the lack of reliable financial documentation.
During an interactive session with NAIC officials working on the Medium Term Expenditure Framework, the Senate Committee requested financial information for the years 2021, 2022, and the third quarter of 2023. However, the commission failed to furnish the requested details.
Committee members expressed their dissatisfaction with NAIC’s inability to provide expenditure receipts for its generated funds.
According to documents presented by NAIC’s MD and CEO, Folashade Joseph, the agro-insurance company transferred N3,847,202,032.03 to the Consolidated Revenue Fund (CRF) of the federal government in 2023. However, Joseph contradicted her own submission, claiming that the organization experienced “huge losses in 2022,” hindering remittance for the year.
Displeased with these statements, legislators took turns evaluating NAIC’s fiscal year performance and questioned the decline in the company’s fortunes over the past three years.
In response, the committee directed NAIC’s management to provide audited financial statements for the years 2021, 2022, and the third quarter of 2023.
Ada Peter
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