By Kehinde Ibrahim, Lagos
The Nigeria Deposit Insurance Corporation, NDIC, has remitted more than N505.53 billion into the Federal Government’s Consolidated Revenue Fund, CRF, over the past three years, reflecting growing contribution to national revenue while sustaining reforms aimed at strengthening financial system stability and protecting depositors.
The Corporation said that the remittances, alongside significant improvements in depositor protection and bank resolution processes, underscored its commitment to prudent financial management, statutory compliance and the implementation of reforms that support the Federal Government’s economic agenda.
Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Sunday, disclosed this during the Second Quarter 2026 Citizens and Stakeholders’ Engagement Session on the Implementation of Presidential Priorities and Ministerial Deliverables, organised by the Federal Ministry of Finance in Abuja.
According to him, the Corporation remitted N90.52 billion in 2023, N138.46 billion in 2024 and N276.56 billion in 2025, bringing total remittances within the three-year period to over N505.53 billion. He added that cumulative remittances since the NDIC was designated a Government-Owned Enterprise, GOE, have now exceeded N950.52 billion.
Sunday attributed the steady growth in remittances to prudent resource management, sound financial discipline and strict compliance with the Fiscal Responsibility Act (FRA), 2007. He noted that the Corporation has consistently balanced its statutory responsibility of safeguarding depositors with its obligation to contribute to government revenue and support broader fiscal stability.
He reaffirmed the NDIC’s commitment to strengthening confidence in Nigeria’s banking sector through reforms that aligned with the Federal Government’s Renewed Hope Agenda, stressing that depositor protection remains central to the Corporation’s mandate.
The NDIC boss disclosed that the Corporation currently provides deposit insurance coverage for more than 281 million depositor accounts across 914 licensed financial institutions nationwide. He added that following the upward review of the maximum deposit insurance coverage in May 2024, more than 98 per cent of depositors are now fully covered under the insurance scheme.
According to him, the Corporation has implemented a number of strategic reforms to improve the resilience of the financial system and enhance its operational efficiency such as the implementation of the NDIC Act 2023, strengthened bank supervision, adoption of a risk-based premium assessment framework, improved collaboration with financial regulators and law enforcement agencies in asset recovery, and the deployment of digital technology to accelerate the reimbursement of insured depositors.
Sunday said that the reforms have significantly reduced the time required to compensate customers of failed financial institutions.
He cited the liquidation of Heritage Bank in June 2024, noting that insured depositors commenced receiving payments within four days of the bank’s closure. Similarly, depositors of Aso Savings and Union Homes began receiving their insured deposits within 72 hours after the revocation of the institutions’ licenses in December 2025.
Sunday added that the Corporation will continue to leverage innovation and digital solutions to improve service delivery, enhance public confidence in the banking system and strengthen Nigeria’s financial safety net.
The Permanent Secretary of the Federal Ministry of Finance, Mr. Raymond Omachi said that the quarterly engagement session reflected the Ministry’s commitment to transparency, accountability and sustained dialogue with citizens and stakeholders on the implementation of Presidential Priorities and Ministerial Deliverables.
He noted that under the leadership of the Minister of Finance and Coordinating Minister of the Economy, the Ministry has continued to implement fiscal and public financial management reforms aimed at restoring macroeconomic stability, improving revenue generation and placing the Nigerian economy on a more sustainable growth trajectory.
According to Omachi, effective economic reforms require not only sound policies but also transparency, public understanding and active stakeholder engagement.
He described the NDIC as a key institution within Nigeria’s financial safety-net framework, noting that its role in protecting depositors, maintaining confidence in the banking sector and supporting financial stability remains critical to the country’s economic resilience.
The Permanent Secretary explained that the engagement platform enables Ministries, Departments and Agencies, MDAs to provide regular updates on the implementation of government policies and programmes, while promoting accountability and strengthening public trust.
He recalled that previous editions featured presentations by the Ministry of Finance Incorporated ,MoFI, the Nigeria Consumer Credit Corporation ,CREDICORP, and the Securities and Exchange Commission ,SEC, while the current session focused on the NDIC’s reforms, operational achievements and contributions to financial sector stability.
Omachi commended the Corporation for its consistency in meeting its statutory remittance obligations, describing it as one of the Federal Government agencies that has demonstrated a strong culture of fiscal responsibility.
He observed that the NDIC finances its operations largely through investment income and insurance premiums paid by insured financial institutions, while ensuring that surplus revenue is remitted to the Consolidated Revenue Fund in line with applicable laws.
He urged other government-owned enterprises to emulate the Corporation’s commitment to transparency, statutory compliance and prudent financial management, noting that stronger adherence to remittance obligations would further strengthen public finances and support the country’s long-term economic development.
