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From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) said it has remitted more than N505.53 billion into the Federal Government’s Consolidated Revenue Fund (CRF) since 2023.
Managing Director/Chief Executive Officer of the NDIC, Mr. Thompson Sunday, disclosed this on Monday 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 from 2023 to date to over N505.53 billion. He added that cumulative remittances since the Corporation was designated a Government-Owned Enterprise (GOE) have exceeded N950.52 billion.
Sunday said the remittances reflected the NDIC’s strong financial discipline, prudent resource management and compliance with the Fiscal Responsibility Act (FRA), 2007, while also contributing to national fiscal stability and sustainable economic development.
The NDIC boss noted that the Corporation remains committed to protecting depositors and strengthening confidence in the banking sector through reforms that align with the Federal Government’s Renewed Hope Agenda.
He disclosed that the Corporation now protects more than 281 million depositor accounts across 914 licensed financial institutions, while over 98 per cent of depositors are fully covered following the increase in maximum deposit insurance coverage in May 2024.
Sunday also highlighted several reforms undertaken by the Corporation, including the implementation of the NDIC Act 2023, faster reimbursement of depositors of failed banks through digital platforms, strengthened bank supervision, risk-based premium assessment and enhanced collaboration with regulatory and law enforcement agencies in asset recovery.
He said the Corporation has significantly reduced the time required to reimburse depositors of failed banks, noting that insured depositors of Heritage Bank began receiving payments within four days of the bank’s closure in June 2024, while depositors of Aso Savings and Union Homes started receiving payments within 72 hours after their licences were revoked in December 2025.
“By harnessing technology, we have transformed how quickly depositors get their money back after a bank fails. Days, not years, that is the new standard,” stated.
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Earlier, Permanent Secretary, Federal Ministry of Finance, Raymond Omachi, said the quarterly engagement session reflects the Ministry’s commitment to transparency, accountability and sustained dialogue with citizens and stakeholders on the implementation of Presidential Priorities and Ministerial Deliverables.
He was noted that under the leadership of the Minister of Finance and Coordinating Minister of the Economy, the Ministry has continued to implement fiscal reforms aimed at restoring macroeconomic stability, strengthening public financial management and placing the Nigerian economy on a sustainable growth path.
According to him, the Ministry recognises that the success of economic reforms depends not only on sound policies but also on public understanding, transparency and stakeholder participation.
Omachi described the NDIC as a critical institution within th country’s financial safety-net framework, noting that its role in protecting depositors and promoting financial system stability remains vital to the nation’s economic resilience.
He said the engagement session was part of the Ministry’s commitment to strengthening transparency, accountability and communication with citizens by providing a platform to showcase the policies, programmes and achievements of Ministries, Departments and Agencies in implementing the Presidential Priorities and Ministerial Deliverables.
The permanent Secretary said 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 and achievements in safeguarding Nigeria’s banking system.
Omachi commended the NDIC for its consistency in remitting revenue to the Federal Government, describing the Corporation as one of the most responsible agencies under the Ministry.
“But the truth is, NDIC is doing what it indicated. It is one of the most respected agencies of the Federal Government that willingly pays what is due to the Federal Government.
“They survive on investments and the insurance premiums they collect. Any income they generate is shared with the Federal Government. It is the only agency that I know that willingly pays into the Consolidated Revenue Fund,” he said.
He urged other government-owned enterprises to emulate the Corporation’s commitment to statutory remittances and fiscal responsibility.
