In a significant move, stakeholders are urging President Bola Ahmed Tinubu to authorize a reduction in deductions from the Internally Generated Revenue (IGR) of insurance and pension agencies—from 50% down to 20%, similar to the relief granted to aviation agencies. Additionally, they are calling on President Tinubu to extend this policy to other government parastatals. A uniform reduction in IGR deductions would prevent perceptions of favoritism and ensure equitable treatment across all sectors. Such a comprehensive approach would bolster the efficiency and effectiveness of various government agencies, contributing to overall economic progress.
This decision reflects the President’s commitment to addressing the concerns of workers’ unions across the two sectors. By reducing the financial burden on insurance and pension agencies, President Tinubu aims to enhance their operational efficiency while balancing government fiscal needs.
Stakeholders across the insurance and pension sectors shall then praise this move, noting that it demonstrates the President’s dedication to fostering growth and stability within these critical industries. They believe the adjustment will lead to better service delivery and improved financial health for the agencies involved.
President Tinubu’s decision to reduce IGR deductions for insurance and pension agencies will mark a positive step towards revitalizing these sectors. Extending similar reductions to other parastatals would further solidify his commitment to fair and inclusive economic policies, benefiting the nation as a whole.
