Reps Excited As NDIC Achieves 97% 2025 Budget Implementation

The House  of Representatives has expressed delight over Nigeria Deposit Insurance Corporation’s (NDIC) achievement of 97 per cent implementation of its 2025 budget.

The chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Hon. Ahmed Jaha, made this expression during a budget defence session held yesterday with NDIC managing director/chief executive, Thompson Oludare Sunday.

Jaha commended the agency’s fiscal discipline and efficient resource management, describing the 97 per cent implementation rate as “remarkable,” especially in a fiscal environment where many MDAs recorded minimal or zero capital budget implementation.

“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,”he said.

Earlier in his presentation, the NDIC Managing Director said the agency proposed a total budget of N589.89 billion for the 2026 fiscal year.

He explained that the 2026 proposal represents an increase of N151.22 billion over the 2025 budget.

Sunday said the projected total expenditure for 2026 stands at N250.46 billion, representing 50 per cent of the Corporation’s projected income, in compliance with the cost-to-income ratio policy.

He said NDIC also projected a surplus of N254.74 billion for 2026, of which 50 per cent amounting to about N252.60 billion will be remitted to the Federal Government in line with statutory requirements.

The Managing Director emphasised that the projections were carefully structured to ensure regulatory stability, operational efficiency, and continued protection of depositors within the Nigerian financial system.

Similarly, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Olusegun Omosehin, has presented a proposed 2026 expenditure of N25.667 billion, with projected net revenue of N25.702 billion.

Omosehin disclosed this while presenting the budget of NAICOM before the House of Representatives Committee on Insurance and Actuarial Matters.

He said the Commission’s Internally Generated Revenue (IGR) is projected to rise to N34.270 billion in 2026 an increase of N4.348 billion from the N29.921 billion projected for 2025, representing a 14 per cent growth.

Omosehin attributed the increase to new revenue-boosting initiatives and tighter controls to curb leakages.

He also commended the House of Representatives and the National Assembly for their support in passing the Nigerian Insurance Industry Reform Act, recently signed into law by President Bola Tinubu.

On industry reforms, Omosehin confirmed that NAICOM has commenced the recapitalisation of insurance firms, describing it as the first phase of a broader restructuring agenda.

“The goal is to reform, rebuild and recapitalise the sector. We are committed to a transparent process,” he said, adding that the exercise will conclude on July 31, 2026, after which only companies that meet the new minimum capital requirements will remain in operation.