The Nigeria Deposit Insurance Corporation (NDIC) has reported a 97 per cent execution rate for its 2025 budget.
This was highlighted by the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Hon. Ahmed Jaha, during a budget defence session with the agency's Managing Director, Mr. Thompson Sunday.
Jaha commended the NDIC, noting, “I want to put this on record that NDIC is one of the agencies operating strictly under the Fiscal Responsibility framework on cost-to-income ratio.
Fifty per cent of its generated income must be remitted to a dedicated Consolidated Revenue Fund account of the Federal Government, while the remaining 50 per cent is retained to run the agency.
Despite this limitation, NDIC has achieved nearly 97 per cent budget implementation for 2025. Meanwhile, some other agencies recorded zero per cent performance, particularly on their capital components.
This achievement is largely because NDIC is a self-generating, government- owned enterprise that manages its revenue efficiently within the fiscal responsibility guidelines.”
Earlier, the NDIC Managing Director presented a proposed budget of N589.89 billion for the 2026 fiscal year.
He indicated that this 2026 proposal represents an increase of N151.22 billion compared to the 2025 budget.
Sunday emphasized that the anticipated total expenditure for 2026 is set at N250.46 billion, which constitutes 50 per cent of the Corporation’s projected income, adhering to the cost-to-income ratio policy.
The agency also anticipates a surplus of N254.74 billion for 2026, from which approximately N252.60 billion, or 50 per cent, will be transferred to the Federal Government as required by law.
In related news, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Olusegun Omosehin, submitted a proposed 2026 expenditure of ₦25.667 billion, alongside a projected net revenue of ₦25.702 billion.
Omosehin shared this information during NAICOM's budget presentation to the House of Representatives Committee on Insurance and Actuarial Matters.
He stated that the Commission's Internally Generated Revenue (IGR) is expected to climb to ₦34.270 billion in 2026, an increase of ₦4.348 billion from the ₦29.921 billion projected for 2025, marking a 14 per cent growth.
Omosehin attributed this rise to new revenue generation strategies and enhanced measures to prevent financial leaks.
He confirmed that NAICOM has initiated the recapitalization of insurance firms, describing it as the initial phase of a broader restructuring plan.
According to him, the objective is to reform, strengthen, and recapitalize the sector. He added, “We are committed to a transparent process. The exercise will conclude on July 31, 2026, after which only companies that meet the new minimum capital requirements will remain in operation.“
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