Bank insurance

Bank, insurance charges for police and others to swallow N1.48bn – New Telegraph

Police Formations and Commands, Office of the National Security Adviser (NSA), Nigeria Security and Civil Defense Corps, Nigeria Immigration Service, Federal Road Security Corps (FRSC) are doing today part of the Government Ministries Departments and Agencies (MDAs) which have earmarked the sum of N1.48 billion for finance charges, such as bank charges and insurance premium next year, as per details of the 2023 Appropriation Bill recently released by the Federal Ministry of Finance, Budget and National Planning.

New Telegraph’s analysis of the budget proposals shows that while the Federal Ministry of Police Affairs plans to use the sums of 874, 896 and 14.46 million naira to pay bank charges and insurance premium respectively, the trainings and police commands allocated N41.02 million and N394. 0.04 million for the same purpose.

The Appropriation Bill also states that the Kano Police Academy estimates that the bank charges and insurance premium will cost it N3.6 million and N9.52 million respectively next year. According to budget proposals, the Economic and Financial Crimes Commission (EFCC) expects bank charges to eat up N4.23m of its planned allocation next year, while N213m will be used for the insurance premium .

For the Nigeria Intelligence Fraud Unit (NFIU), the proposed budget indicates that the agency has earmarked the sums of 395, 066 and 50 million naira respectively for bank charges and insurance premiums. It also shows that the Ministry of Defense (Headquarters) plans to pay bank charges of around N2 million while the Defense Headquarters has proposed N1.2 million for bank charges and N16.28 million naira for the insurance premium.

For its part, the Defense Research and Development Bureau expects it to use 1.2 million naira to pay the financial charges next year. Specifically, on bank charges, the highest figure among the MDA budget details for next year reviewed by New Telegraph, is the 80.40 million naira proposed by the Federal Road Safety Commission (FRSC). .

The Commission is followed by the NSA office, which estimates that the bank charges will cost it 57.75 million naira next year.

However, the Appropriation Bill shows that the DSS plans to pay N46.15 million for general finance charges next year.

Similarly, the Nigeria Security and Civil Defense Corps, Nigeria Immigration Service, Nigeria Correctional Service and Federal Fire Service have earmarked sums of N85.38 million, N85 million, N81.77 million and N81.77 million respectively. N70.44 million to general finance charges in 2023.

The Appropriation Bill further shows that while the Ministry of Foreign Affairs (Headquarters) estimates that it will spend N30.88 million on general financial expenses next year, the Federal Ministry of Information and culture offered 3.90 million naira and 741,525 naira for bank charges and insurance premium respectively


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