NDIC Earns House of Representatives’ Praise for Fiscal Discipline, 2026 Budget Efficiency

The House of Representatives has lauded the Nigeria Deposit Insurance Corporation (NDIC) for exemplary fiscal management and efficient execution of its annual budgets, underscoring the Corporation’s critical role in protecting depositors and maintaining financial stability across Nigeria.
The commendation came during the defense of the NDIC’s 2026 budget proposal before the House Committee on Insurance and Actuarial Matters. Presenting the budget, NDIC Managing Director and Chief Executive, Mr. Thompson Oludare Sunday, reaffirmed the Corporation’s commitment to safeguarding depositors’ funds and ensuring prompt reimbursement in the event of bank failures.
“Our focus remains on effective depositor coverage and rapid payment in the unlikely event of a bank failure. This budget reflects our commitment to these core priorities while ensuring operational efficiency and long-term sustainability,” Mr. Sunday stated.
Chairman of the Committee, Hon. Ahmadu Jaha, praised the NDIC for maintaining strong fiscal discipline despite operating under strict statutory obligations. NDIC, as part of the Fiscal Responsibility Framework, remits 50 percent of its income to the Federal Government’s Consolidated Revenue Fund, while retaining the other 50 percent to finance its operations.
“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 noted.
He added that, despite these constraints, the NDIC has efficiently managed its revenue to meet all remittance obligations to the Federal Government while sustaining its operations and ongoing capital projects. The Committee also expressed its commitment to supporting the NDIC in completing these projects without undue delay.
Experts in financial governance say the NDIC’s track record reflects a model of fiscal prudence for government agencies, particularly self-funding institutions. Its adherence to the cost-to-income ratio, combined with effective project execution, positions the Corporation as a stabilizing force in Nigeria’s financial sector.
The House’s commendation highlights growing confidence in the NDIC’s operations, particularly at a time when financial oversight and depositor protection are pivotal for maintaining public trust in the banking system. As the 2026 budget awaits final legislative approval, stakeholders expect the NDIC to continue enhancing its operational capacity while delivering on its mandate to protect depositors and strengthen Nigeria’s financial system.
The House of Representatives commends the Nigeria Deposit Insurance Corporation (NDIC) for strong fiscal discipline and efficient budget execution in 2026, highlighting its commitment to depositor protection and operational excellence.
NDIC earns praise from Nigeria’s House of Representatives for fiscal discipline and efficient 2026 budget implementation, ensuring depositor protection and timely government remittances.