The House of Representatives Committee on Insurance and Actuarial Matters has approved the 2024 budget performance and the 2025 budget estimates of the National Insurance Commission (NAICOM) and the Nigeria Deposit Insurance Corporation (NDIC).
The budget adoption followed presentations by the Commissioner for Insurance, Olusegun Ayi, and the Managing Director of NDIC, Bello Hassan, during a budget defense session held by the committee.
While presenting NDIC’s financial report, Hassan emphasized that the commission operates as a self-funded agency. He provided an overview of NDIC’s 2024 budget performance, stating that the data presented reflected figures as of September 2024.
“We have updated figures up to December, but we were required to submit management accounts as of September 2024, which is why these figures are from that period,” he explained.
For the 2025 budget, NDIC projects a gross income of N433.9 billion before deductions for target funding.
“After deducting N73.9 billion for target funding, we anticipate a total income of N360.1 billion in 2025. In accordance with the Fiscal Responsibility Act and directives from the Honorable Minister, 50% of this income will be allocated to the Consolidated Revenue Fund,” Hassan added.
Similarly, NAICOM’s Commissioner for Insurance, Olusegun Ayi, disclosed that the commission has proposed a N29.931 billion budget estimate for the 2025 fiscal year.
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