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By Tracy Moses
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed plans to remit ₦252.6 billion to the Federal Government in 2026 as it unveiled a proposed budget estimate of ₦589.89 billion for the fiscal year.
The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, made this known on Thursday while defending the agency’s 2025 budget performance and presenting its 2026 estimates before the House of Representatives Committee on Insurance and Actuarial Matters.
Sunday explained that the proposed ₦589.89 billion budget represents an increase of ₦151.22 billion over the 2025 appropriation, reflecting expanded operational commitments, heightened supervisory responsibilities, and the Corporation’s strategic focus on strengthening depositor protection and financial system stability.
He stated that the Corporation is projecting a surplus of ₦254.74 billion for 2026. In compliance with the Fiscal Responsibility framework, which mandates government-owned enterprises to remit 50 per cent of their operating surplus to the Consolidated Revenue Fund, NDIC plans to transfer ₦252.6 billion to the Federal Government.
According to him, the projected total expenditure for 2026 stands at ₦250.46 billion, representing 50 per cent of expected income, in line with statutory cost-to-income ratio requirements.
“Our projections are carefully structured to sustain regulatory stability, enhance operational efficiency, and further strengthen depositor confidence in Nigeria’s banking system,” Sunday told lawmakers.
He noted that the Corporation remains committed to prudent financial management as a self-funding regulatory institution, adding that its revenue generation model enables it to meet statutory remittance obligations without undermining operational effectiveness.
Chairman of the Committee, Hon. Ahmed Jaha Babawo, commended the NDIC for its fiscal discipline and impressive budget implementation record.
Jaha disclosed that the Corporation achieved about 97 per cent implementation of its 2025 budget, describing the performance as remarkable at a time when several Ministries, Departments and Agencies recorded low or zero capital budget implementation.
“I want to put it on record that NDIC is operating strictly within the Fiscal Responsibility framework on cost-to-income ratio,” he said. “Fifty per cent of its generated income is remitted to the Federal Government, while the remaining 50 per cent is retained to run the agency. Despite this, it has recorded nearly 97 per cent budget implementation.”
The Committee assured the Corporation of continued legislative support to enable it to effectively discharge its mandate of protecting depositors and contributing to the overall stability of the nation’s financial system.