…as NDIC records 97% budget implementation in 2025
The National Insurance Commission (NAICOM) has presented a proposed 2026 expenditure of N25.667 billion, with projected Internally Generated Revenue (IGR) of N34.270 billion
Olusegun Omosehin, commissioner for Insurance disclosed this while presenting the budget of NAICOM before the House of Representatives Committee on Insurance and Actuarial Matters on Thursday.
He said the Commission’s projected IGR reflects an increase of N4.348 billion from the N29.921 billion projected for 2025, representing a 14% growth.
He attributed the increase to new revenue-boosting initiatives and tighter controls to curb leakages.
He also commended the House of Representatives and the National Assembly for their support in passing the Nigerian Insurance Industry Reform Act, recently signed into law by President Bola Tinubu.
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On industry reforms, Omosehin confirmed that NAICOM has commenced the recapitalisation of insurance firms, describing it as the first phase of a broader restructuring agenda.
“The goal is to reform, rebuild and recapitalise the sector. We are committed to a transparent process,” he said, adding that the exercise will conclude on July 31, 2026, after which only companies that meet the new minimum capital requirements will remain in operation.
Furthermore, Ahmed Babawo, chairman of the House of Representatives Committee on Insurance and Actuarial Matters, observed that the Nigeria Deposit Insurance Corporation (NDIC) told the committee that it recorded an impressive 97% implementation of its 2025 budget, a performance that stands in sharp contrast to the low execution rates recorded by several other Ministries, Departments and Agencies (MDAs), particularly in their capital expenditure components.
Jaha commended the agency’s fiscal discipline and efficient resource management, describing the 97% implementation rate as “remarkable”.
In his presentation, Thompson Sunday, managing Director/Chief Executive, proposed a total budget of N589.89 billion for the 2026 fiscal year.
He explained that the 2026 proposal represents an increase of N151.22 billion over the 2025 budget.
According to him, the projected total expenditure for 2026 stands at N250.46 billion, representing 50% of the Corporation’s projected income, in compliance with the cost-to-income ratio policy.
The NDIC also projected a surplus of N254.74 billion for 2026, of which 50% amounting to about N252.60 billion will be remitted to the Federal Government in line with statutory requirements.
