The Nigerian Deposit Insurance Corporation (NDIC) has urged children and youths to start early to cultivate a savings culture as this will help them in life.
NDIC zonal controller in Bauchi, Mr. Ajiya Bawa Zarma made this call during the programme to commemorate the World Saving Day, yesterday, at Government Comprehensive Day Secondary School (GCDSS), Bauchi, where his corporation is currently executing corporate social responsibility project.
The World Saving Day celebration in the Nigeria is an initiative of Bankers’ Committee led by the Central Bank of Nigeria (CBN) after the adaptation of the global event by the country.
Zarma recalled that the World Saving Day was first celebrated in 1924 in Milan, Italy and had since then being adapted by countries that have been celebrating it.
The controller said, “One of our corporate social responsibility is being done here. NDIC is renovating about 21 classes. Before this time, when you see this school, you nearly shed tears because of dilapidation”.
“The major attraction here was the number of students, particularly female students, and the particular reason was to catch them young. When you inculcate the habit of saving in children and students, there are a lot of benefits.
He said, “When you save, saving stimulate investments, productions, employments, and so many multiplier effects, and the entire economic growth and development. You can imagine the number of students you have here, if every student can save, how much are we going to have at the end of the year in banks”.
Zarma added, “The reason why NDIC is interested, when you have stronger banks, financially stable, the role and cost of supervision would be reducing because sanity and soundness are concern”.
According to the controller, when banks have available resources to make loans, the economy would be booming and multiplier effects are what they were looking at.
He further explained that it is the candid opinion of the NDIC for young students to take saving as a goal so that in future they would have financial security, habit of saving at this age, it is not everything they get, they go and spend it.
Also speaking at the occasion, the state commissioner of education, Dr. Aliyu Usman Tilde commended the NDIC for what it described as complete renovation of the GCDSS as part of its corporate social responsibility to the state.
The Commissioner while making the commendation said, “The whole school is undergoing complete renovation. This is the first we are having this kind of gesture from the private sector in Bauchi state”.
Dr. Aliyu Tilde however stated, “I’m not saying no firm has done something, but something of this nature has never been witnessed in the history of the state since its creation in 1976 saying the day’s celebration was deliberately organized at the GCDSS so that saving can catch the students young.
Tilde, represented by a permanent secretary of his ministry, Mr. Suleiman Madara, noted that this singular act of the NDIC in the Sa’adu Zungur School would have its impact felt by the entire people of Bauchi state.
