The Senate Committee on Finance sharply criticized the Nigerian Agricultural Insurance Corporation (NAIC) during an interactive session in Abuja for its failure to present comprehensive financial records spanning 2021 to the third quarter of 2023.
Expressing dismay over the absence of substantiating receipts for NAIC expenditures from revenue claims, committee members highlighted concerns about the corporation’s inability to provide detailed records of remittances reportedly made from surplus revenue generated in 2023.
During the session presided over by Senator Sani Muhammed Musa (APC Niger North), the MD/CEO of NAIC, Mrs. Folashade Joseph, presented the Corporation’s 2024 Revenue, Overhead, and Capital Projections. She informed the panel that NAIC transferred N3,847,202,032.03 to the Consolidated Revenue Fund (CRF) of the federal government in 2023.
However, Joseph’s assertion was contradicted by her claim of “huge losses in 2022,” citing an inability to remit for that year.
Expressing dissatisfaction with the conflicting statements, lawmakers critically evaluated NAIC’s performance over the fiscal years, expressing bewilderment at the continuous decline in the corporation’s fortunes over the past three years.
Consequently, the committee mandated NAIC’s management to provide the audited accounts covering 2021, 2022, and the third quarter of 2023 for scrutiny.
The Chairman, Senator Musa emphasized the committee’s commitment to preventing financial irregularities within Ministries, Departments, and Agencies (MDAs), stating, “For a long time, the accounts of MDAs have been run as personal property. We want to make a difference. We want to ensure that the right thing is done, and that this government has what it wants to give Nigerians the dividends of democracy.”
The committee also engaged with the Nigerian Financial Intelligence Unit (NFIU) and the Equipment Leasing Registration Authority (ELRA). However, the absence of representatives from the Corporate Affairs Commission (CAC) was noted during the interactive session.
