HOR Adopts NICOM, NDIC’s Budget Proposal

The House of Representatives Committee on Insurance and Actuarial Matters has adopted the 2024 budget performance and the 2025 budget estimates of the National Insurance Commission, NICOM and the Nigeria Deposit Insurance Corporation, NDIC.

The two separate budget estimates were adopted after presentations by the Commissioner for Insurance, Olusegun Ayi and the Managing Director, NDIC, Bello Hassan at the budget defence, held at the National Assembly Complex Abuja.

In his presentation, the MD NDIC, Bello Hassan, while giving a highlight of NDIC’s 2024 budget performance, said the NDIC is a self funding agency.

On the 2025 budget estimate, the NDIC MD pointed out that the Corporation intends to generate a gross income of N433.9 billion, before target funding.

In his presentation, NAICOM’s Commissioner for Insurance, Olusegun Ayi informed the Committee that the Commission has a budget estimate of N29.931 billion for the 2025 fiscal year.

The two heads of the agencies pleaded with the Committee for a speedy passage of the Insurance Reform Bill 2024, which is before the National Assembly.

Following presentations by the agencies, the Committee moved a motion for the adoption of the 2025 budget proposals by the NDIC and NAICOM after a voice vote by the Chairman of the Committee, Ahmed Jaha.

Oduyemi Odumade, Edited By Grace Namiji