After Recording 97% 2025 Budget Performance, NDIC Proposes N589.89bn for 2026

Adedayo Akinwale in Abuja

The Nigeria Deposit Insurance Corporation (NDIC) recorded 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 observation during a budget defence session held on Thursday by the Managing Director of the agency, Mr. Thompson Sunday.

Jaha stated: “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.”

Earlier in his presentation, the NDIC Managing Director 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 stressed that 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.

The agency 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.

Meanwhile, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Olusegun Omosehin, has presented a proposed 2026 expenditure of ₦25.667 billion, with projected net revenue of ₦25.702 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 ₦34.270 billion in 2026 an increase of ₦4.348 billion from the ₦29.921 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 confirmed that NAICOM has commenced the recapitalisation of insurance firms, describing it as the first phase of a broader restructuring agenda.

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