The House of Representatives has commended the Nigeria Deposit Insurance Corporation (NDIC) for achieving a 97 per cent implementation of its 2025 budget, describing the performance as exceptional compared to many federal agencies.
This came on Thursday during a budget defence session before the House Committee on Insurance and Actuarial Matters, where the managing director/chief executive of NDIC, Mr Thompson Oludare Sunday, presented the corporation’s 2025 budget performance and proposed 2026 estimates.
Chairman of the Committee, Hon. Ahmed Jaha Babawo, said the execution rate was particularly noteworthy in a fiscal year when several ministries, departments, and agencies (MDAs) recorded low or zero capital budget implementation.
Jaha noted that NDIC operates strictly under the Fiscal Responsibility framework, which mandates it to remit 50 per cent of its generated income to the Consolidated Revenue Fund of the Federal Government, while retaining the remaining 50 per cent for its operations.
“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,” he said, attributing the success to prudent financial management.
Presenting the 2026 proposal, Sunday disclosed that the corporation is projecting a total budget of ₦589.89 billion, representing an increase of ₦151.22 billion over the 2025 budget.
He explained that the projected total expenditure for 2026 stands at ₦250.46 billion, which represents 50 percent of the anticipated income in line with the cost-to-income ratio policy.
The NDIC boss further revealed that the corporation is projecting a surplus of ₦254.74 billion for 2026, adding that about ₦252.60 billion, representing 50 per cent of the surplus, would be remitted to the Federal Government as required by law.
Meanwhile, the National Insurance Commission (NAICOM) also presented its 2026 projections, with the commissioner for insurance, Mr Olusegun Omosehin, proposing an expenditure of ₦25.667 billion and projected net revenue of ₦25.702 billion.
Omosehin disclosed that NAICOM’s internally generated revenue is expected to rise to ₦34.270 billion in 2026, representing a 14 per cent increase from the ₦29.921 billion projected for 2025, while reaffirming that the ongoing recapitalisation of insurance firms will conclude on July 31, 2026, as part of broader sector reforms.
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