By JEFF ADE

Members of the Constitutional Committee on Mobilisation and Diversification of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by Engr. Sani Mohammed Baba, were recently on their working visit to the National Insurance Commission where the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin and his management team received them. The primary agenda was to explore collaborative opportunities to advance the diversification of the Nigerian economy.

In his remarks, the Commissioner for Insurance (CFI) reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He highlighted the pivotal role of insurance in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively. In addition, he stressed the Commission's commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

The CFI also acknowledged President Bola Ahmed Tinubu GCFR's ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026. He expressed the insurance sector's intent to significantly contribute to this objective. He also mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

Furthermore, the chief executive officer of NAICOM highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

•PHOTO: From Left: Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State)

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