Mkpoikana Udoma
Port Harcourt — The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, NDIC, Thompson Oludare Sunday, on Friday defended the Corporation’s 2026 budget proposal before the House of Representatives Committee on Insurance and Actuarial Matters.
During the budget defence session, Mr. Sunday reaffirmed the Corporation’s commitment to providing effective deposit insurance coverage for bank customers and ensuring prompt reimbursement in the event of bank failure.
He emphasized that safeguarding depositors remains central to the NDIC’s mandate, noting that the Corporation continues to strengthen its operational capacity to maintain public confidence in Nigeria’s banking system.
Chairman of the Committee, Ahmadu Jaha, commended the NDIC for the effective implementation of its annual budget and prudent financial management.
“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,” Hon. Jaha stated.
He noted that despite this statutory remittance obligation, the NDIC has demonstrated strong fiscal discipline as a self-funding, government-owned agency, efficiently managing its revenue within established guidelines.
The Committee acknowledged the Corporation’s ability to meet its remittance obligations to the Federal Government while sustaining operational efficiency and depositor protection services.
The Lawmakers further assured the NDIC of continued legislative support to enable the completion of its ongoing capital projects without undue delay.
