Reps Probe Alleged Fraud Of W/Bank Funds For Assets Insurance

The House of Representatives has urged the Federal Ministry of Finance, Budget and National Planning, the National Insurance Commission and all ministries, departments and agencies of the Federal Government to ensure proper actuarial valuation and adequate provision for insurance premium in the 2022 and subsequent national budgets.

The House also mandated its Committee on Insurance and Actuarial Matters to ‘investigate the irregularities, misapplication and alleged misappropriation of funds of World Bank special intervention funds for insurance of government assets and report back within four weeks for further legislative action.”

These resolutions were sequel to the unanimous adoption of a motion moved by a member, Ahmadu Jaha, titled, ‘Need to Safeguard Critical National Assets through Budgetary Provisions for Insurance Premium by Ministries, Departments and Agencies’.

Jaha said critical national assets and infrastructure were assets, systems and items of value that supported efficient public service delivery, economic, political and social sectors of nation.

The lawmaker also noted that adequate budgetary provisions of insurance premium to safeguard the existing and ongoing Federal Government’s massive investments in the development and construction of various infrastructure would reduce avoidable government expenditure, engender value for money and support quick asset recovery, public service efficiency, employment generation and wellbeing of Nigerian people.

He further noted that the administration, allocation and utilisation of the World Bank special intervention funds on the insurance of Federal Government’s critical national assets had been ‘shrouded in secrecy, lack of transparency, misapplication and allegations of misappropriation as well as not being captured in the Appropriation Act’.