Senate Knocks the Agriculture Insurance Commission Over Inconsistent Financial Records

The Nigerian Senate on Monday, berated the Nigerian Agricultural Insurance Commission (NAIC) over it’s unreliable financial documentation.

EasternEye reports that the Senate Committee headed by Senator Sani Musa, which is currently working on the Medium Term Expenditure Framework, had requested information from the commission in regards to its finances for 2021, 2022, and up until the third quarter of 2023. However, the commission failed to provide the requested information.

The members of the Senate Committee expressed their displeasure at the commission’s shenanigans and its failure to present receipts for expenditures of its generated funds during an interactive session with NAIC officials on Monday.

In 2023, the agro-insurance company, according to a document presented to the committee by the MD and CEO of NAIC, Folashade Joseph, transferred ₦3, 847, 202, 032.03 to the Consolidated Revenue Fund (CRF) of the Federal Government. He also presented the corporation’s 2024 Revenue, Overhead, and Capital Projections.

But in defiance of her own submission, she claimed that the organization suffered “huge losses in 2022; hence, we were unable to remit for the year.”

Disappointed with her submissions, the Senators alternated in evaluating NAIC’s fiscal year performance, questioning why the company’s fortunes had declined over a three-year period.

The committee ordered the organization’s management to provide its audited financial statements for the years 2021, 2022, and up to the third quarter of 2023.

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