The Nigeria Deposit Insurance Corporation, NDIC has proposed a ₦589.89 billion budget for the 2026 fiscal year.
The Managing Director and Chief Executive, Thompson Sunday, presented the proposal at the National Assembly, Abuja, during a budget defence session before the House of Representatives Committee on Insurance and Actuarial Matters.
He said the 2026 estimate represents an increase of ₦151.22 billion over the 2025 budget, with projected expenditure of ₦250.46 billion in line with the cost-to-income ratio policy.
He added that the Corporation is projecting a surplus and will remit 50 per cent of its income to the Federal Government in compliance with statutory requirements.
Chairman of the House Committee, Hon. Ahmed Jaha, commended NDIC for achieving a 97 per cent implementation of its 2025 budget.
He described the performance as remarkable compared to several MDAs with low capital budget execution.
A member of the committee, Hon. Akin Rotimi, asked the Managing Director of the Nigeria Deposit Insurance Corporation, to clarify the insured amount payable to depositors when a bank fails.
The MD said NDIC guarantees ₦5 million for deposit money banks and ₦2 million for microfinance banks, adding that the Corporation pays the insured sum promptly after licence revocation and recovers assets to pay additional liquidation dividends.
Also speaking, the Commissioner for Insurance and Chief Executive of the National Insurance Commission, Olusegun Omosehin, said the Commission has proposed ₦25.667 billion as its 2026 expenditure.
He added that NAICOM has commenced the recapitalisation of insurance firms ahead of the July 31, 2026 deadline.
