The Nigeria Deposit Insurance Corporation (NDIC) has achieved a 97 per cent implementation of its 2025 budget, earning commendation from lawmakers for its fiscal discipline and efficient resource management.
Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmed Jaha Babawo, described the performance as remarkable, noting that several Ministries, Departments and Agencies (MDAs) recorded low or zero capital budget implementation within the same period.
He highlighted NDIC’s strict adherence to the Fiscal Responsibility framework, which mandates the remittance of 50 per cent of its generated income to the Federal Government’s Consolidated Revenue Fund.
NDIC Managing Director/Chief Executive, Thompson Oludare Sunday, while presenting the Corporation’s 2026 budget proposal, announced a total projected budget of ₦589.89b an increase of ₦151.22b over the 2025 budget.
He stated that projected expenditure stands at ₦250.46b, representing 50 per cent of expected income, with a projected surplus of ₦254.74b. Of this surplus, about ₦252.60b will be remitted to the Federal Government in line with statutory requirements.
In a related development, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Olusegun Omosehin, presented a proposed 2026 expenditure of ₦25.667b and projected net revenue of ₦25.702b.
He disclosed that NAICOM’s Internally Generated Revenue is expected to grow by 14 per cent in 2026, driven by new revenue initiatives and improved controls.
Omosehin also confirmed the commencement of the insurance industry recapitalisation exercise, following the signing of the Nigerian Insurance Industry Reform Act by Bola Tinubu. The recapitalisation process is scheduled to conclude on July 31, 2026.