The National Youth Service Corps and 14 other ministries, departments, and agencies of government have planned about N1.41bn as an insurance premium in the 2025 appropriation bill that was presented by President Bola Tinubu, an analysis by The PUNCH has found.
According to a review of the estimates, several government establishments planned to pay insurance premiums in the new year and made provisions for it.
An insurance premium is a monthly or annual payment to an insurance company that keeps a policy active. These include ranges from health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance, all of which require the policyholder to pay a premium to continue enjoying coverage.
In a breakdown of the spending plan, NYSC plans to spend N1.25bn as insurance premium, the Ministry of Youth Development—Hqtrs proposed N10m, while the Ministry of Environment Headquarters plans about N9m for insurance premiums in the new year.
The office of the Senior Special Assistant to the President MDG (OSSAP-MDGS) has N3m as an insurance premium planned.
Others with insurance premiums budgeted include the National Senior Citizen Centre, National Commission for Persons with Disability, and National. Agency for the Prohibition of Trafficking in Persons, National Biosafety Management Agency HQtrs, and the National Oil Spill Detection and Response Agency with N15m, N17.39m, N28m, N3.5m, and N632,133, respectively.
National parks: Gashaka Gumti National Park, Kainji National Park, and the Forestry Research Institute of Ibadan had budgets for insurance premiums worth N3.05m, 2.07m, and N6m.
Some of the health organisations planning for insurance include the National Hospital (N10m), the National Institute for Cancer Research and Treatment (N20m), and the Federal Medical Centre Wase, Plateau State (N30m).
Also in the proposed budget are insurance of 10 National Park Service vehicles (N60m), insurance of National Park Service buildings (N50m), and the Federal Ministry of Marine and Blue Economy planned N19.56m as a general insurance policy for vehicles and other assets of the ministry.
The Ogun-Osun River Basin Development Authority has insurance of OORBDA assets worth N100m on its books. Under the service-wide votes, an insurance provision for FGN-sensitive assets worth N12.42bn has been made.
At a joint session of the National Assembly, President Tinubu presented a proposed 2025 budget of N49.7tn themed ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity.’ The federal government projected a total revenue of N36.35tn for 2025, anchored on improved non-oil revenue generation. This includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises, alongside oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500/$.
The total expenditure of N49.7tn includes significant allocations to critical sectors while targeting a fiscal deficit of N13.39tn (3.96 per cent of GDP). This deficit will be financed through domestic and external borrowings as well as innovative public-private partnership arrangements, said the Director-General, Budget Office of the Federation, Tanimu Yakubu, in his speech on the budget.
