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From Tunde Omolehin, Sokoto
The Nigeria Deposit Insurance Corporation (NDIC) has tasked students to be financially disciplines by embracing savings and budgeting habits.
NDIC Zonal Controller for Sokoto, Umar Kaoje-Bello, gave the advice, yesterday, at a lecture organised by the corporation to commemorate 2023 Financial Literacy Day at Hafsatu Ahmadu Model Arabic Secondary School, Sokoto.
Kaoje-Bello said NDIC had been mentoring secondary school students on the benefits of efficient savings and money management.
He said the aim was to encourage financial prudence and management as well as encourage savings and proper budgeting habits among students.
He said good savings and proper budgetary habits would encourage prudence, transparent dealings and growth of businesses.
Kaoje-Bello said it was also to accelerate investment growth in the nation’s economy through financial literacy, resource management, budgeting and saving culture.
He said the exercise provided opportunity to educate youths on commercial and microfinance banks’ activities and dangers of keeping money in unsecure environment.
He advised students to utilise their skills on monetary value, power of choice, investment and planning, spending priority and other financial engagements.
He said that the agency remained committed to promoting savings, budget culture and remodelling of youths to improve their financial inclusion.
Mr Tanko Ibrahim, manager, Corporate and Communications Department of NDIC, said the agency was desirous to derive financial inclusion on peoples’ daily activities, especially the rural dwellers.
Tanko explained that the primary objective of the deposit insurance system in the country was to protect the interest of small depositors, promote public confidence and ensure financial system stability.
“ The NDIC also wants to promote saving culture and financial planning.
“In spite of the difficulty in earning money, some people are still reckless with it due to the lack of budgeting. If you have a budget, you do not spend your money outside the budget lines,” Tanko said.
He said the NDIC is responsible for paying half a million and below for commercial bank depositors and N200,000 for microfinance institutions, when liquidated.
