Mkpoikana Udoma

Port Harcourt — The Nigeria Deposit Insurance Corporation, NDIC’s Managing Director and Chief Executive, Thompson Oludare Sunday, on Friday explained the organization’s 2026 budget plan to the House of Representatives Committee dealing with Insurance and Actuarial Issues.

During the budget defense meeting, Mr. Sunday emphasized the Corporation’s dedication to offering reliable deposit insurance for bank clients and guaranteeing timely compensation if a bank collapses.

He highlighted that protecting depositors is a key part of the NDIC’s responsibilities, pointing out that the organization is continuously enhancing its operational capabilities to ensure public trust in Nigeria’s banking sector.

The head of the Committee, Ahmadu Jaha, praised the NDIC for the successful execution of its yearly budget and careful financial handling.

“I wish to document that NDIC is one of the agencies functioning strictly within the Fiscal Responsibility Framework concerning the cost-to-income ratio. Half of its revenue must be transferred to a specific Consolidated Revenue Fund account, with the other half kept to support the agency’s operations,” Hon. Jaha mentioned.

He pointed out that although there is a legal requirement for remittances, the NDIC has shown good financial control as a self-supported, state-owned organization, effectively managing its income according to set rules.

The Committee recognized the Corporation’s capacity to fulfill its payment responsibilities to the Federal Government while maintaining operational effectiveness and deposit protection services.

Lawmakers further pledged their legislative backing to the NDIC, ensuring the timely completion of its current capital initiatives.