The House of Representatives on Tuesday adjourned plenary to November 24, 2020, to enable lawmakers to have adequate time hold budget defence sessions with Ministries, Departments, and Agencies, (MDAs).
President Muhammadu Buhari had on October 8, presented the 2021 budget estimates pegged at N13.08 trillion to a joint session of the National Assembly, during which he called for prompt passage to sustain the return to the January – December budget cycle.
Meanwhile, a Bill for an Act to Repeal the Insurance Act, Cap. I,17 Laws of the Federation of Nigeria, 2004 and Enact the Insurance Bill, 2020 to Provide for a Comprehensive Legal Framework for Insurance Business in Nigeria, and for Related Matters (HB. 967) passed second reading.
One of the sponsors of the Bill, Darlington Nwokocha moved for the second reading of the Bill and it was seconded by Abubakar Yalleman.
In leading the debate, Nwokocha stated that the Bill is aimed at protecting stakeholders in the insurance sector and ensure international best practices are adhered to within their practices.
The Bill also aims to ensure the revenue generation means in a functioning insurance sector is achieved for Nigeria.
It further seeks reform of the insurance sector as it is now, which does not conform with the advancement in the sector.
