• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, July 14, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Business Unlimited

Deficit Financing & Infrastructure Rebirth, Government Asked To Use Surplus Crude Oil Sales

Staff Reporter by Staff Reporter
January 28, 2022
in Business Unlimited
0 0
0
Image Spin: Experts Open The Window To View And Take New Ventures
0
SHARES
50
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Federal Government has been advised to use the surplus from crude oil sales to either reduce the budget deficit or channel it to build infrastructure.

Chief Consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, (pictured) who gave these economic options at a media interaction sponsored by Boff & Company Insurance Brokers Limited and B. Adedipe Associates Limited in Lagos. said the increase in Brent crude price has been favourable to the economy and he expects government to be favourably disposed to insurance adoption to cover its risks.

Adedipe said: “the price of crude has been favourable to us.  It is either you use the gain to reduce the deficit, or alternatively, you use that gain to build infrastructure, which ultimately will also increase government revenue.”

Adedipe said election year puts pressure on the economy and creates liquidity pressures as there will be too much money in circulation spinning from politicians spending. What will follow be increase in prices, “so it will be expected this year there will be inflationary pressure.”

The high volume of imports over and above exports in the country, he said creates employment for other countries to the detriment of our economy, and despite crude oil and condensates export, the oil exploration sector is capital and high tech intensive and employment driver.

Adedipe noted that, there is nothing wrong with borrowing, adding that, “but don’t borrow to buy food, don’t borrow for consumption, if you must borrow, borrow for anything that is investment in nature.” Besides, he said the nation’s situation is out of joint because “We produce crude oil but don’t refine.”

While speaking on the insurance sector, Adedipe said: “For the insurance sector to grow, government need also to be responsible to its insurance obligations which talks about paying premium. There also must be need for flexibility and also ensuring that compulsory insurance is enforced because enforcement had always been an issue.

Looking at insurance as the enabler of business he said government support would be needed; he speaks, “If the government is responsible and put a lot of effort into enforcement, then what we have today as compulsory insurance we can actually create more value. And when insurance sector is vibrant, it will galvanize businesses and individuals to take risk and that is how economies grow.

“The freedom to take risk is on the back of a vibrant insurance sector, so the conversation should be how do we make that sector vibrant and that brings us to involve more interactions between government agencies and the insurance sector, so that all the stakeholders constantly are engaging and so whatever is needed to be done to make us deepen insurance, the government will keep making that happen.” he stated.

Previous Post

Fire Rate Goes Up Mid Year, From Soft To Hard To Hedge Losses

Next Post

Micro Pension Plan, PenCom Spreads To Reach Multipliers

Staff Reporter

Staff Reporter

Related Posts

Leadway Advocates Safety First as Nigerians Embrace The New Year
Business Unlimited

Leadway Group Reinforces Creative Minds Community With Sponsorship Second-Year +234Art Fair

February 25, 2025
FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership
Business Unlimited

No Hiding Place For Binance, FIRS Sues Cryptocurrency Company For $79.51b Over Alleged Economic Losses

February 19, 2025
FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership
Business Unlimited

FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership

February 5, 2025
Next Post
PenCom Logo

Micro Pension Plan, PenCom Spreads To Reach Multipliers

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
ADVERTISEMENT

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In