The Nigeria Deposit Insurance Corporation (NDIC) recorded 97 per cent implementation of its 2025 budget. As a result, lawmakers commended the agency during a budget defence session at the House of Representatives.
Ahmed Jaha, Chairman of the House Committee on Insurance and Actuarial Matters, announced the figure. He spoke after NDIC Managing Director, Oludare Sunday, presented the agency’s performance report.
According to Jaha, the achievement stands out. In contrast, several other government agencies struggled to execute their capital budgets within the same period.
Lawmakers Highlight Fiscal Discipline
Jaha explained that NDIC operates under strict fiscal rules. Specifically, the law requires the agency to remit 50 per cent of its income to the Federal Government’s Consolidated Revenue Fund. Meanwhile, it retains the remaining 50 per cent for operations.
Despite this limitation, NDIC still delivered strong results. Therefore, Jaha described the performance as exceptional.
He added that NDIC’s self-funding model supports efficient management. In addition, it allows the agency to meet its legal obligations while maintaining steady operations.
NDIC Proposes ₦589.89bn Budget for 2026
Looking ahead, NDIC has proposed ₦589.89bn for the 2026 fiscal year. This figure represents an increase of ₦151.22bn compared to the 2025 budget.
Oludare Sunday said projected expenditure stands at ₦250.46bn. Notably, this equals 50 per cent of expected income, in line with the cost-to-income policy.
Furthermore, the corporation projected a surplus of ₦254.74bn. Out of this amount, about ₦252.60bn will go to the Federal Government as required by law.
According to Sunday, these projections aim to strengthen financial system stability. At the same time, they will help the agency improve operational efficiency and protect depositors.
NAICOM Projects Higher Revenue in 2026
In a related presentation, the National Insurance Commission (NAICOM) proposed ₦25.67bn as its 2026 expenditure.
Commissioner for Insurance, Olusegun Omosehin, said the commission expects internally generated revenue to rise to ₦34.27bn in 2026. By comparison, the 2025 projection stands at ₦29.92bn.
He attributed the expected growth to stronger revenue measures and tighter controls. Moreover, he commended the National Assembly for passing the Nigerian Insurance Industry Reform Act, which President Bola Tinubu recently signed into law.
Finally, Omosehin confirmed that NAICOM has started the recapitalisation of insurance firms. The exercise will end on July 31, 2026. After that date, only companies that meet the new capital requirements will continue operations.
