Lawmakers query NHIS over N122bn bank deposit, accrued interest

*Interest from N122billion fixed in a commercial bank is supposed to be remitted to the Federation Account, says Sen. Matthew Urhoghide, Chairman, Senate Committee on Public Accounts

*National Health Insurance Scheme Act empowers the agency to earn interest on its investment; the scheme is not being funded by Federal Government ─Prof. Nasir Sambo, Executive Secretary

Alexander Davis | ConsumerConnect

While expressing its dissatisfaction with the N122billion taxpayers’ money kept idling away by the government agency, the Nigerian Senate Committee on Public Accounts has queried the National Health Insurance Scheme (NHIS) the fixed amount saved in an unnamed commercial bank in the country.

Competent sources said the committee admitted that the Auditor-General of the Federation (AGF) had approved the deposit, but it demanded details of the N3.7billion interest which has accrued to the money ever since.

Report stated that the Public Accounts Committee hinged its decision to query the NHIS on the 2015 report of the AGF, earlier submitted to the National Assembly (NASS).

Senator Matthew Urhoghide, Chairman of the Committee, however, expressed dissatisfaction with the N122billion the pension agency fixed in the commercial bank.

The Senator has directed the NHIS to submit the statement of account concerning the money in the commercial bank Tuesday, October 20, 2020.

It was gathered that Prof. Nasir Sambo, Executive Secretary of NHIS, nevertheless, informed the Senate Committee, that the NHIS Act empowers the agency to earn interest on its investment.

Sambo contended that Part 4 (Section 11) of the NHIS Act empower it to earn interest on its investment.

He stated that the health insurance scheme is not being funded by the Federal Government.

But Sen. Urhoghide disagreed with the NHIS Chief over his submission, and stated that the interest rate from the N122billion fixed in the bank was supposed to be remitted to the Federation Account.

The Senator said: “The committee is interested in getting the statement of the account.

“We want to know the details of the accrued N3.7billion by latest Tuesday; we want the statement of account on the investment.”