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Deposit Money Banks and insurance companies are expected to rake in the sum of N22.6bn in bank charges and insurance premiums from Ministries, Departments and Agencies of the Federal Government in 2022. This was according to an analysis of data contained in the 2022 budget proposal of the MDAs submitted to the National Assembly for approval. The amount may however be higher than the N22.6bn as certain government agencies such as the Nigerian Customs Service, Central Bank of Nigeria, Nigeria Railway Corporation, Securities Exchange Council, Nigerian Communications Commission and the Nigerian Investment Promotion Commission did not include their allocations for bank levies and insurance premiums. A breakdown of the figure showed that the N22.6bn comprised N17.3bn projected for the payment of insurance premiums and N5.3bn for bank charges. The bank charges include fees applicable to bank accounts including account maintenance fees and electronic transfer charges. On the other hand, insurance premiums are funds paid to insurance companies to provide insurance policies for employees. These policies could cover healthcare, automobile, home, or life.

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