NDIC Records Near-Full 2025 Budget Execution, Proposes ₦589.89bn For 2026

The Nigeria Deposit Insurance Corporation (NDIC) achieved near-full implementation of its 2025 budget, recording 97%, and has proposed ₦589.89 billion for the 2026 fiscal year.

Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmed Jaha Babawo, praised the agency’s fiscal discipline during a budget defence session.

The session followed a presentation by NDIC Managing Director Thompson Oludare Sunday on the corporation’s 2025 budget performance and proposed 2026 estimates.

Jaha described the 97% implementation rate as “remarkable,” noting that many other government agencies recorded minimal or zero capital budget execution.

He said NDIC operates under the Fiscal Responsibility framework, which requires the agency to remit 50% of its generated income to the federal government’s Consolidated Revenue Fund while retaining the other half for operations.

“Despite this limitation, NDIC has achieved nearly 97% budget implementation for 2025,” Jaha said.

“This achievement is largely because NDIC is a self-generating, government-owned enterprise that manages its revenue efficiently.”
Sunday said the proposed 2026 budget represents an increase of ₦151.22 billion over 2025.

He said projected expenditure stands at ₦250.46 billion, equivalent to 50% of expected income, in line with the cost-to-income ratio policy. NDIC also forecasts a surplus of ₦254.74 billion for 2026, with about ₦252.60 billion to be remitted to the federal government.

The managing director emphasized that the projections aim to maintain regulatory stability, operational efficiency, and continued protection of depositors in Nigeria’s financial system.

In a related development, National Insurance Commission, NAICOM, Commissioner Olusegun Omosehin presented a 2026 expenditure proposal of ₦25.667 billion, with projected net revenue of ₦25.702 billion.

He said the commission’s internally generated revenue is expected to rise to ₦34.270 billion in 2026, up 14% from the ₦29.921 billion projected for 2025, due to new revenue initiatives and tighter oversight.

Omosehin also highlighted industry reforms, including the ongoing recapitalisation of insurance firms, as part of a broader restructuring agenda.

The exercise is set to conclude on July 31, 2026, after which only companies meeting new minimum capital requirements will remain operational.

He praised the National Assembly for passing the Nigerian Insurance Industry Reform Act, recently signed into law by President Bola Tinubu.

Oduyemi Odumade, Edited By Grace Namiji