House Commends NDIC On Efficient Budget Implementation

The MD/CE, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday has defended the Corporation’s 2026 budget proposal before the House of Representatives Committee on Insurance & Acturial Matters. During the session, Mr. Sunday reiterated the commitment of the Corporation to the effective coverage of depositors as well prompt reimbursement in the event of bank failure.

The House Committee Chairman, Hon. Ahmadu Jaha commended the Corporation for the effective implementation of its annual budget. Hon Jaha noted that the NDIC has demonstrated strong fiscal discipline in the face of its operation strictly under the cost-to-income ratio, remitting 50 percent of its income to the Consolidated Revenue Fund of Federal Government.

Speaking at the session, Hon. Jaha said: “I want to put it on record that NDIC is one of the agencies operating strictly under the Fiscal Responsibility Framework on cost-to-income ratio. 50 percent of of its income must be remitted to a dedicated Consolidated Revenue Fund account, while the remaining 50 percent is retained to run the agency”.

He stated that this constraint notwithstanding, NDIC as a self-funding government-owned agency has managed its revenue efficiently within the fiscal responsibility guidelines to be able to meet up with its remittances to the Federal Government. The Committee therefore emphasized its committed to supporting the Corporation to complete its ongoing capital projects without undue delay.