NAIC Provides Only 12% Coverage in N1.12trn Scheme

The House of Representatives commenced an investigation into the Nigerian Agricultural Insurance Corporation (NAIC) regarding its role in the N1.12 trillion Anchor Borrowers' Scheme, revealing that NAIC provided only 12% coverage, amounting to N109 billion for 207,514 farmers. Mr.

Dayo Babaronti, the Managing Director of NAIC, disclosed this during a committee hearing, noting that despite the Central Bank of Nigeria engaging two insurance firms, Leadway Assurance and Veritas Kapital Insurance, NAIC remains the sole insurance beneficiary of the scheme. The committee, led by Hon.

Chike Okafor, expressed concerns over the irregular management of the fund and the exclusion of stakeholders in the design and implementation of the program, which has contributed to poor outcomes. Babaronti mentioned that NAIC's coverage for specific agricultural products was significantly lower than expected, highlighting inconsistencies in the policy framework of the Anchor Borrowers' Program.