The the House of Representatives Committee on Insurance and Actuarial Matters has commended the Nigerian Deposit Insurance Corporation, NDIC for efficient implementation of its annual budget.
Chairman of the Committee, Hon. Ahmadu Jaha, gave the commendation during the defense of the 2026 NDIC budget by the Managing Director of the corporation, Mr. Thompson Oludare Sunday.
Jaha noted that the Corporation has demonstrated strong fiscal discipline while operating strictly under the cost-to-income ratio framework, including the statutory remittance of 50 percent of its income to the Federal Government’s Consolidated Revenue Fund.
“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.
“Fifty percent 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 said.
He observed that despite this constraint, the NDIC, as a self-funding government-owned agency, has managed its revenue efficiently within the fiscal responsibility guidelines and continues to meet its remittance obligations to the Federal Government.
The Committee also reiterated its commitment to supporting the Corporation in completing its ongoing capital projects without undue delay.
During the session, NDIC’s Managing Director, Sunday, reaffirmed the Corporation’s commitment to effective depositor protection and the prompt reimbursement of insured funds in the event of bank failures.
