The Nigeria Deposit Insurance Corporation (NDIC) achieved a 97 per cent implementation rate for its 2025 budget, drawing commendation from lawmakers during a budget defence session at the House of Representatives.
Chairman of the House Committee on Insurance and Actuarial Matters, Ahmed Jaha, disclosed the figure on Thursday while addressing the Managing Director of the Corporation, Mr. Thompson Sunday.
Jaha noted that the NDIC operates strictly under the Fiscal Responsibility framework, which requires it to remit 50 per cent of its generated income to the Federal Government’s Consolidated Revenue Fund, while retaining the remaining half for operational expenses.
“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,” Jaha said. “Despite this limitation, NDIC has achieved nearly 97 per cent budget implementation for 2025, while some other agencies recorded zero per cent performance, particularly on capital components.”
He attributed the performance to the Corporation’s status as a self-generating, government-owned enterprise that manages its revenue efficiently within fiscal guidelines.
N589.89bn Budget for 2026
Earlier, NDIC Managing Director Thompson Sunday presented a proposed budget of N589.89 billion for the 2026 fiscal year — an increase of N151.22 billion over the 2025 appropriation.
Sunday explained that projected total expenditure for 2026 stands at N250.46 billion, representing 50 per cent of the Corporation’s anticipated income, in line with the cost-to-income ratio policy.
The agency also projected a surplus of N254.74 billion for the 2026 fiscal year, with 50 per cent — approximately N252.60 billion — to be remitted to the Federal Government as required by law.
NAICOM Projects Revenue Growth, Advances Recapitalisation
In a related presentation, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Olusegun Omosehin, proposed a 2026 expenditure of ₦25.667 billion, with projected net revenue of ₦25.702 billion.
Omosehin told the House Committee that the Commission’s Internally Generated Revenue (IGR) is expected to rise to ₦34.270 billion in 2026 — up from ₦29.921 billion projected for 2025, representing a 14 per cent increase.
He attributed the anticipated growth to new revenue-enhancement initiatives and strengthened controls aimed at blocking financial leakages.
The NAICOM chief also confirmed that the Commission has commenced the recapitalisation of insurance firms, describing it as the first phase of a broader sectoral restructuring programme.
According to him, the reform agenda is designed to rebuild and strengthen the insurance industry. The recapitalisation exercise is scheduled to conclude on July 31, 2026, after which only companies that meet the revised minimum capital requirements will continue operations.
