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NIC buildings worth 41bn/-, says Meghji
2007-08-11 10:48:14
By Pascal Shao, Dodoma
The value of buildings owned by the National Insurance Corporation totals only 41,155m/- and not 26,631m/- earlier estimated, Finance minister Zakia Meghji told the National Assembly here yesterday.
Presenting her ministry`s budget estimates for the 2007/08 financial year, which sailed through later in the day, she said this was after considering advice by the Parliamentary Finance and Economic Affairs Committee that the earlier valuation be reviewed.
She said the bidders who won the first-phase tender were given the new valuation and were supposed to correct their earlier bids, including the way they would involve the workers, but they refused to continue with the process.
According to the minister, the government is now evaluating the headway made in the process to lead up to the corporation’s privatisation before deciding on the next step to take.
She said that the process through which NIC will be restructured is going on, overseen by the Parastatal Sector Reform Commission.
Alongside that, she added, the corporation is still offering insurance services like registering new customers and making all relevant payments where claimants produce genuine supporting documents.
She further explained that collections in respect of premiums totalled 17.7bn/-, miscellaneous revenues amounted to 19.525bn/- and debts were to the tune of 9.4bn/- out of 26.7bn/- confirmed by last December.
The minister said NIC would continue operating as usual in 2007/08, with collections on premiums expected to be worth 21,508bn/-, while another 12.0bn/- would accrue from normal activities, 9.4bn/- from life insurance, and 4.4bn/- from other sources.
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