NDIC Proposes N589.89bn Budget for 2026 After 97% Success

The Nigeria Deposit Insurance Corporation (NDIC) has proposed a budget of N589.89 billion for the fiscal year 2026, following a remarkable 97% performance in its 2025 budget implementation. During a budget defense session held on Thursday, Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Hon.

Ahm Jaha, noted the agency's strict adherence to a fiscal responsibility framework. The proposed budget represents an increase of N151.22 billion from the 2025 budget.

Mr. Thompson Sundai, the Managing Director of NDIC, explained that the total projected expenditure for 2026 stands at N250.46 billion, with a projected surplus of N254.74 billion.

The agency plans to remit 50% of its income, amounting to N252.60 billion, to the federal government as required by statutory obligations. Additionally, the National Insurance Commission (NAICOM), represented by Olusegun Omosehin, presented its own budget proposal of N25.667 billion for 2026, with a projected net revenue of N25.702 billion.