The Nigeria Deposit Insurance Corporation recorded a 97 per cent implementation of its 2025 budget, a performance that drew commendation from lawmakers and set the tone for its proposed ₦589.89bn expenditure plan for the 2026 fiscal year.
The Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmed Jaha, disclosed this on Thursday during a budget defence session after the Corporation’s Managing Director/Chief Executive, Oludare Sunday, presented the agency’s 2025 performance and 2026 estimates.
Jaha, a member of the All Progressives Congress from Borno State, described the level of implementation as exceptional, particularly at a time when several Ministries, Departments and Agencies have struggled to execute their capital budgets.
“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 stated.
“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 added.
Presenting the 2026 proposal, Sunday said the Corporation is projecting a total budget of ₦589.89bn, representing an increase of ₦151.22bn over the 2025 appropriation.
According to him, projected total expenditure for 2026 stands at ₦250.46bn, equivalent to 50 per cent of expected income in line with the cost-to-income ratio policy.
The Corporation also projected a surplus of ₦254.74bn, of which about ₦252.60bn—representing 50 per cent—will be remitted to the Federal Government as required by law.
Sunday said the projections were designed to strengthen regulatory stability, enhance operational efficiency and sustain depositor protection within the financial system.
NDIC’s latest performance reinforces a pattern of strong budget execution in recent years. The Corporation recorded high implementation levels in 2024 and 2025, reflecting its self-funding structure, strict adherence to fiscal responsibility guidelines and a disciplined approach to cost management.
The agency’s operating model, which relies largely on internally generated revenue rather than direct budgetary allocations, has enabled it to maintain steady programme delivery, meet statutory remittance obligations and sustain its core mandate of safeguarding depositors and promoting financial system stability.
In a related presentation before the committee, the National Insurance Commission proposed a 2026 expenditure of ₦25.67bn with projected net revenue of ₦25.70bn.
The Commissioner for Insurance, Olusegun Omosehin, said the Commission’s Internally Generated Revenue is expected to rise to ₦34.27bn in 2026, up from ₦29.92bn projected for 2025—an increase of ₦4.35bn representing 14 per cent growth.
He attributed the projected increase to new revenue-enhancement measures and tighter controls to reduce leakages.
Omosehin also commended the National Assembly for its support in passing the Nigerian Insurance Industry Reform Act, recently signed into law by President Bola Tinubu.
On sector reforms, he disclosed that NAICOM has commenced the recapitalisation of insurance companies as the first phase of a broader restructuring programme.
“The goal is to reform, rebuild and recapitalise the sector. We are committed to a transparent process,” he said, adding that the exercise will end on July 31, 2026, after which only firms that meet the new minimum capital requirements will remain in operation.
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