By Paul Effiong, Abuja
House of Representatives Committee on Insurance and Actuarial Matters has adopted the 2024 budget performance and the 2025 budget estimates of the National Insurance Commission, NICOM, and the Nigeria Deposit Insurance Corporation, NDIC.
The two separate budget estimates were adopted after presentations by the Commissioner for Insurance, Olusegun Ayi and the Managing Director, NDIC, Bello Hassan, at the budget defence held by the committee yesterday
In his presentation earlier, the NDIC MD informed the committee that the commission is a self funding agency.
Giving a highlight of NDIC’s 2024 budget performance, he said it was as at September 2024.
He said: “We have the figures as at December, but when the request came, we were asked to submit the management accounts as at September 2024. So that is why these numbers are as at September 2024.”
On the 2025 budget estimate, he said NDIC intended to generate a gross income of N433.9 billion, before target funding.
“And when you less target funding of N73.9 billion, we expect to realize a total income of N360.1 billion in the year 2025. 50 percent of this income is supposed to go to the Consolidated Revenue Fund in line with the Fiscal Responsibility Act annd the circular issued by the Honorable Minister,” Hassan added.
In his presentation, NAICOM’s Commissioner for Insurance, Ayi informed that the commission has a budget estimate of N29.931 billion for the 2025 fiscal year.
