Tag: 10th Senate

  • Akpabio tells 10th Senate to fast-track legislative agenda as plenary resumes

    Akpabio tells 10th Senate to fast-track legislative agenda as plenary resumes

    …lauds military collaboration between Nigeria, United States

    …adjourns plenary in honour of Senator Akwashiki

    President of the Senate, Senator Godswill Akpabio, has charged members of the 10th National Assembly to approach the remaining months of their tenure with urgency, discipline and a strong sense of legacy, declaring that the Senate has entered the “final stretch” of its legislative journey.

    Akpabio gave the charge on Tuesday in Abuja while delivering his welcome address at the first plenary sitting of the Senate in 2026, following the Christmas and New Year recess.

    He urged senators to convert feedback gathered from their constituencies during the break into meaningful legislation and effective oversight actions that directly address the needs of Nigerians.

    The Senate President noted that despite the recess, the nation continued to face economic pressures, security concerns and social challenges, stressing that lawmakers must now respond with renewed commitment and focus.

    However, the resumption of plenary was marked by solemnity as the Senate observed a minute of silence in honour of late Senator Godiya Akwashiki (SDP–Nasarawa North), who died on December 31, 2025. Akwashiki has since been laid to rest.

    Describing the late lawmaker as a diligent and humble public servant, Akpabio said his contributions to the Senate and the country would be deeply missed.

    He extended condolences to the family of the deceased, his constituents and the people of Nasarawa State, while leading senators in paying tribute to his memory.

    On national security, Akpabio commended the ongoing military collaboration between Nigeria and the United States in the fight against terrorism, noting that such partnerships were critical to restoring peace and stability.

    He also sympathised with families affected by insecurity across the country, describing security as a matter of lives, homes and futures.

    Akpabio expressed concern over a recent United Nations warning that up to 35 million Nigerians could face hunger this year, describing the figure as alarming and unacceptable.

    According to him, “The development calls for urgent legislative action, stronger oversight and collaboration with relevant stakeholders to boost food security and protect vulnerable citizens.

    As political activities gradually build up nationwide, Akpabio appealed to political parties and actors to conduct themselves with civility, conscience and patriotism, warning that Nigeria’s unity and stability must not be sacrificed on the altar of ambition.

    He also urged Nigerians not to forget citizens still held in captivity by criminal groups, describing their continued detention as a national wound that must be healed.

    Encouraging continued support for the Federal Government’s Renewed Hope Programme, Akpabio said perseverance, cooperation and shared sacrifice remained key to achieving a more secure and productive Nigeria.

    Turning to the work of the Senate, Akpabio said with less than one year and five months left in the current legislative cycle, the chamber had moved beyond settling in and must now focus on delivery.

    “This is the final stretch of the marathon,” he said. “It is the phase that separates participation from performance.”

    Read Also: Akwa Ibom traditional rulers endorse Tinubu, Akpabio, Eno for 2027

    He stressed that the period must be reform-driven, with priority given to bills and motions that promote economic growth, strengthen institutions, secure lives and property, and restore confidence in governance.

    Akpabio cautioned against legislative clutter, insisting that history would judge the Senate not by the volume of laws passed but by their impact and value to Nigerians.

    He said the Senate would also focus on completing pending legislative work and leaving behind a functional, principled and orderly institution.

    On the 2026 budget, the Senate President said the chamber would give it rigorous scrutiny to ensure responsible passage and faithful implementation, adding that cooperation with the Executive, guided by mutual respect and constitutional responsibility, would remain central to national progress.

    “We are here for Nigerians,” Akpabio declared. “We are their ears to hear their cries, their eyes to see their realities, and their legislative voice to protect their rights.”

    He urged senators to rise to the moment, saying the nation and history were watching.

    “Let it be said that when the Tenth Senate reached the final stretch, it did not slow down or leave the work unfinished,” he said, calling on lawmakers to “finish strong” for the sake of Nigeria.

  • Senate passes 2024 Nigerian Insurance Industry Reform Bill

    Senate passes 2024 Nigerian Insurance Industry Reform Bill

     The Senate has passed the 2014 Nigerian Insurance Industry Reform Bill, following the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions.

    The report was presented by the committee’s chairman, Sen. Abiru Adetokunbo (APC-Lagos), during Tuesday’s plenary session.

    Adetokunbo explained that the bill, which was read a second time on July 18, sought to consolidate various existing laws regulating insurance businesses in Nigeria.

    He listed the relevant laws to include the Insurance Act 2003, the Marine Insurance Act, Motor Vehicles Third Party Insurance Act, National Insurance Corporation Act, and Nigerian Reinsurance Corporation Act.

    A major objective of the bill, according to Adetokunbo, is to create a robust legal and regulatory framework for the insurance sector, enabling it to contribute positively to Nigeria’s financial landscape.

    He emphasised the need for effective risk-based supervision in the insurance sector, arguing that the current rule-based regulatory system had become obsolete.

    Adetokunbo noted that stakeholders, during the public hearing, widely supported the bill, highlighting that existing laws no longer meet the evolving needs of the industry.

    “The current insurance legislation is over two decades old and lacks provisions to address contemporary challenges and foster growth and innovation,” he said.

    He also pointed out that legal obsolescence had led to regulatory inefficiencies, hampering the industry’s global competitiveness.

    Adetokunbo urged the Senate to pass the bill, which would provide a comprehensive framework for the regulation of all types of insurance initiatives in Nigeria.

    Read Also: Senate pledges support for welfare of Nigerian Armed Forces

    Sen. Jimoh Ibrahim (APC-Ondo) raised concerns about the proposed minimum capital requirement of N45 billion for reinsurance businesses, suggesting the status quo should be maintained due to the current economic situation.

    Jibrin highlighted that the passage of the bill was necessary to align the insurance ecosystem with contemporary economic realities, which would ultimately benefit the country.

    “This Act, once it receives concurrence from the House of Representatives and assent from the President, will significantly contribute to shaping our economy for the better.

    “Economies are dynamic and constantly changing, so it is incumbent upon the authorities of every nation to update their legislation to align with contemporary realities.

    “This is precisely what the passage of this legislation aims to achieve to restructure the entire insurance ecosystem in line with current realities.

    “I am confident that the country will benefit greatly when the law is eventually assented to.”(NAN) 

  • 10th Senate isn’t responsible for purchase of N57bn SUVs – Ireti Kingibe

    10th Senate isn’t responsible for purchase of N57bn SUVs – Ireti Kingibe

    Senator Ireti Kingibe, the senator representing the Federal Capital Territory (FCT) in Abuja, has stated that, contrary to common belief, the 10th Senate is not in charge of the N57 billion worth of SUV purchases.

    Kiginbe clarified that the SUVs were initially cars purchased by the 9th assembly, and the 10th assembly only received them.

    The Nation had reported that there had been uproar over the purchase of SUVs at a time when many Nigerians are struggling to make ends meet with the constant increase in food prices, transportation, and others.

    She revealed this during an interview on Arise TV on Wednesday evening.

    She said: “The Senate says they are utility cars, and they don’t belong to senators. They were already bought before we became senators.

    “I think that going forward, I think this 10th senate might opt to buy cheaper cars made in Nigeria or whatever; I don’t know, but you can hold us responsible for the cars that the 11th Assembly rides, but the ones that we got were purchased and sorted out by the 9th Assembly.

    Read Also: How Ireti Kingibe dislodged Senate ‘landlord’ Aduda

    “The only thing that is being done is that they are being distributed to us. The truth of the matter is that I suppose more attention is being paid because the bulk of the people are poorer, but every National Assembly is always provided with utility cars.”

    She further stated that she spends most of her basic salary as a senator on palliatives to help people.

    “People are under the misconception that the basic salary of a senator is a lot. It’s not as much. But so far, I’ve been a senator; in the next week or two, it will be maybe 6 months, because there’s such intense poverty out there, a lot of it goes for palliatives. Oh, I have no food; I need to do this, so a lot of that goes there.”