The Chief Executive Officer, National Insurance Commission (NAICOM), Mr Olorundare Thomas, has said the Federal Government has not borrowed from the accumulated pension funds.
Speaking yesterday in Lokoja, Kogi State, at a public lecture of the Federal University Lokoja (FUL) with the theme ‘Insurance Solution In Wealth Creation and Sustainability’, Thomas expressed concern about insinuations that the Federal Government tampered with the pension funds.
The NAICOM boss explained the economic challenges in the country did not translate to the Federal Government tampering with the pension funds.
“Some situations change and challenges occur that interrupt or prevent the build-up and re-investment of wealth among citizens of a nation. In spite of the best laid plans, life incidences and surprises will continue to happen. These surprises, called risks, often require the diversion of resources away from created wealth,” he said.
He noted that the Nigerian insurance industry generated gross premium income of N616.1 billion in 2021, N789.7 billion in 2022 and a record breaking N1.003 trillion as at the end of December 2023.
“Also, the asset of the Nigerian insurance industry grew from N827.5 billion in 2015 to N2.5 trillion in 2022 and N2.7 trillion as of December, 2023. It is, therefore, comforting that the insurance industry is now more willing to meet the needs of the insuring populace through insurance solutions and products,” he said.
