The Nigeria Deposit Insurance Corporation has recorded an exceptional 97 per cent implementation of its 2025 budget and is proposing a total budget of N589.89 billion for the 2026 fiscal year, representing an increase of N151.22 billion over the previous year’s appropriation.

The Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmed Jaha, disclosed this on Thursday during a budget defence session after the Corporation’s Managing Director/Chief Executive, Oludare Sunday, presented the agency’s 2025 performance and 2026 estimates.

Jaha, a member of the All Progressives Congress from Borno State, described the level of implementation as exceptional, particularly at a time when several Ministries, Departments and Agencies have struggled to execute their capital budgets.

“I want to put this on record that NDIC is one of the agencies operating strictly under the Fiscal Responsibility framework on cost-to-income ratio. Despite this limitation, NDIC has achieved nearly 97 per cent budget implementation for 2025. Meanwhile, some other agencies recorded zero per cent performance, particularly on their capital components. This achievement is largely because NDIC is a self-generating, government-owned enterprise that manages its revenue efficiently within the fiscal responsibility guidelines,” Jaha stated.

Presenting the 2026 proposal, Sunday said the Corporation is projecting a total budget of N589.89bn, representing an increase of N151.22bn over the 2025 appropriation. According to him, projected total expenditure for 2026 stands at N250.46bn, equivalent to 50 per cent of expected income in line with the cost-to-income ratio policy.

The Corporation also projected a surplus of N254.74bn, of which about N252.60bn—representing 50 per cent—will be remitted to the Federal Government as required by law.

The Fiscal Responsibility framework mandates that government-owned enterprises remit 50 per cent of their operating surplus to the Federal Government while retaining the remaining half to fund operations.

The NDIC’s strong performance contrasts sharply with many other MDAs that have struggled with budget execution, particularly on capital expenditure, raising questions about capacity and efficiency across government agencies.

The Corporation’s success has been attributed to its status as a self-generating enterprise with strong revenue management systems and adherence to fiscal discipline, positioning it as a model for other government agencies.

The proposed 2026 budget will support NDIC’s mandate of protecting depositors, supervising insured financial institutions, and contributing to the stability of Nigeria’s financial system through effective regulation and prompt resolution of failed institutions.