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NDIC Achieves 97 Per Cent Budget Performance, Outpaces Other Federal Agencies
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…as NAICOM Projects N25.7bn Revenue as 2026 Spending Plan Nears Balance
…forecast 14 per cent rise in IGR as recapitalisation drive begins
By Gloria Ikibah
The Nigeria Deposit Insurance Corporation has delivered an impressive 97 per cent implementation of its 2025 budget, setting it apart from many other Ministries, Departments and Agencies that have struggled to execute their spending plans, particularly in relation to capital projects.
The strong performance was highlighted during a budget defence session of the House of Representatives Committee on Insurance and Actuarial Matters.
The session followed the presentation of the corporation’s 2025 budget performance and its proposed 2026 estimates by the Managing Director and Chief Executive, Thompson Oludare Sunday.
Chairman of the committee, Rep. Ahmed Jaha Babawo, drew attention to the corporation’s high level of budget execution, noting that it contrasted sharply with the low or in some cases non-existent capital budget implementation recorded by several federal agencies.
He acknowledged the NDIC’s prudent financial management and disciplined use of resources, describing the 97 per cent execution rate as a significant achievement at a time when many public institutions are grappling with poor budget performance.
He said: “I want to put this on record that NDIC is one of the agencies operating strictly under the Fiscal Responsibility framework on cost-to-income ratio.
“Fifty per cent of its generated income must be remitted to a dedicated Consolidated Revenue Fund account of the Federal Government, while the remaining 50 per cent is retained to run the agency
“Despite this limitation, NDIC has achieved nearly 97 per cent budget implementation for 2025. Meanwhile, some other agencies recorded zero per cent performance, particularly on their capital components. This achievement is largely because NDIC is a self-generating, government-owned enterprise that manages its revenue efficiently within the fiscal responsibility guidelines,” Jaha stated.
Earlier in his presentation, the NDIC Managing Director, Mr. Thompson Oludare Sunday, proposed a total budget of ₦589.89 billion for the 2026 fiscal year.
He explained that the 2026 proposal represents an increase of ₦151.22 billion over the 2025 budget.
According to him, the projected total expenditure for 2026 stands at ₦250.46 billion, representing 50 per cent of the Corporation’s projected income, in compliance with the cost-to-income ratio policy.
The NDIC also projected a surplus of ₦254.74 billion for 2026, of which 50 per cent amounting to about ₦252.60 billion will be remitted to the Federal Government in line with statutory requirements.
The Managing Director emphasized that the projections were carefully structured to ensure regulatory stability, operational efficiency, and continued protection of depositors within the Nigerian financial system.
The National Insurance Commission has put forward a proposed expenditure of N25.667 billion for the 2026 financial year, alongside a projected net revenue of N25.702 billion, signalling a near-balanced budget position.
Commissioner for Insurance, Olusegun Omosehin, who outlined the figures, indicated that the Commission’s internally generated revenue is expected to climb to N34.270 billion in 2026, up from the N29.921 billion projected for 2025. The anticipated increase of N4.348 billion represents a growth rate of 14 per cent.
According to the Commissioner, the improved outlook is linked to fresh measures aimed at expanding revenue streams, alongside strengthened oversight mechanisms designed to minimise financial leakages.
He also acknowledged the backing of the House of Representatives and the wider National Assembly in securing the passage of the Nigerian Insurance Industry Reform Act, which has since received presidential assent from President Bola Tinubu.
On regulatory developments, the Commissioner confirmed that the Commission has commenced the recapitalisation of insurance companies, marking the opening phase of a wider reform and restructuring programme within the sector.
“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.
News
Stone Age lost Atlantis about 8,500 years discovered beneath the waters of Denmark
By Ojomah Austin.
The mystery of Atlantis has created a city-sized gap in our grasp of history, with archaeologists searching the oceans for any trace of this submerged civilisation.
A prominent theory suggests that Atlantis never actually existed. Nevertheless, as we’re now aware, the notion of a coastal settlement being consumed by the ocean is entirely plausible.
Subsequently, archaeologists in Europe believed they’d discovered the missing piece of the puzzle. You wouldn’t necessarily expect Denmark to be the maritime location of an exotic lost metropolis from ancient times, yet this is precisely where archaeologists unearthed the most compelling proof of Atlantis, according to Global News.
“Europe’s Atlantis”, stretching back to the Stone Age, was discovered beneath the waters of Denmark’s Bay of Aarhus. Researchers unearthed numerous artefacts that paint a picture of a civilised community that inhabited the area nearly 8,500 years ago.
These included stone implements, arrowheads, animal remains, and even fragments of timber that appeared to be rudimentary tools.
Researchers plunged 26 feet beneath the surface of Denmark’s second-largest city, employing specialised suction apparatus, to retrieve the remains of Europe’s Atlantis.
The location dates back to the conclusion of the last Ice Age, when climbing sea levels submerged entire coastal communities, forcing Stone Age hunter-gatherer societies inland.
Because the artefacts have remained underwater for millennia, they are significantly better preserved than they would be inland. “What we actually tried to find out here is how life was at a coastal settlement 8,500 years ago,” archaeologist Peter Moe said.
He added: “Here, we actually have an old coastline. We have a settlement that was positioned directly at the coastline. What we actually try to find out here is how was life at a coastal settlement.
“It’s like a time capsule. When sea level rose, everything was preserved in an oxygen-free environment … time just stops. We find completely well-preserved wood. We find hazelnut. … Everything is well preserved.
“We can say very precisely when these trees died at the coastlines,” Moesgaard Museum dendrochronologist Jonas Ogdal Jensen, according to Fortune.
The specialist explained how this remarkable find has shed considerable light on how sea levels have shifted throughout history.

Stone Age lost Atlantis found is Denmark
He said: “It’s hard to answer exactly what it meant to people,” Moe Astrup said. “But it clearly had a huge impact in the long run because it completely changed the landscape.”
Researchers are keen to press ahead with investigations at a further site off the German coastline, with ambitions to examine locations in the notoriously unforgiving North Sea also in the pipeline.
Yet this is not the first occasion archaeologists have drawn comparisons between a site and Atlantis. Doggerland was a landmass that once extended between Britain, Denmark, and the Netherlands, linking the corners of Europe.
In 1931, evidence of this lost territory began to emerge after a Dutch fishing vessel retrieved artefacts from the seabed. A portrait of a hunter-gatherer community thousands of years old began to take shape. Yet, some 8,200 years ago, rising sea levels and a catastrophic tsunami ultimately swallowed this civilisation whole.
A colossal underwater landslide set off a chain of unstoppable natural disasters that plunged the landmass beneath the waves. Today, all that remains of this lost world lies buried under the North Sea.
News
Amnesty International condemns attack on Abuja protesters as Sowore lands in hospital
By Kayode Sanni-Arewa
Condemns his alleged “deliberate targeting”
Amnesty International has condemned what it described as a “reckless attack on peaceful protesters” during a Democracy Day demonstration in Abuja, where activist and African Action Congress 2027 presidential candidate, Omoyele Sowore, reportedly collapsed after security operatives allegedly fired teargas.
In a statement released on Friday, the rights organisation said Sowore was “subsequently taken to a hospital” following the incident at Unity Fountain, Abuja, and called for an immediate investigation into what it described as his “deliberate targeting.”
The Nigerian authorities are clearly using violence to crack down on human rights, including the rights to freedom of expression and peaceful assembly,” the statement said.
Amnesty International also warned that targeting activists for participating in peaceful demonstrations amounted to unlawful conduct and a breach of fundamental rights.
“Such targeting of activists solely for exercising freedom of assembly is unlawful and shows utter disregard for the rule of law,” it said.
The organisation further accused the authorities of failing to demonstrate commitment to constitutional and international human rights obligations, alleging a continued crackdown on civic freedoms under President Bola Tinubu’s administration.
Sowore’s collapse reportedly occurred during a protest in Abuja where security operatives allegedly dispersed demonstrators with teargas in front of the Force Headquarters.
Videos shared online showed him on the ground amid confusion as protesters attempted to assist him.
The protest was part of a nationwide mobilisation by a coalition of civic groups, labour activists, youth organisations and social movements, which had declared June 12 a day of mass action over insecurity, economic hardship and worsening living conditions. (Text, excluding headline:
(The PUNCH)
News
Falana, Falz lead protest over kidnappings, hardship
By Kayode Sanni-Arewa
Activist lawyer, Mr Femi Falana (SAN), his son – afrobeats singer, Mr Folarin Falana, popularly known as Falz, alongside civil society organisations, youth groups, among others, on Friday staged a protest in Lagos.
They demanded urgent action to address worsening insecurity and economic hardship in the country.
The protest came as Nigeria marked Democracy Day, set aside in remembrance of the June 12, 1993 presidential election, widely acclaimed to have been won by late Chief MKO Abiola.
The election, though regarded as the freest and fairest in the nation’s history, was annuled by the then military government.
Chanting, the protesters converged on the Ikeja Under Bridge, carrying placards with inscriptions such as “No Democracy Without Security,” End Bad Governance,” and “End Insecurity and Kidnapping.”
Others include, “End Hunger,” “Free All Captives Now,”End all anti-people policies now,”
The demonstration was aimed at drawing attention to rising insecurity, economic hardship and policies affecting ordinary Nigerians.
Speaking during the protest, Falana called for the immediate release of abducted pupils and teachers in Oyo State, expressing concern over their welfare in captivity.
According to him, the protest is not only about demanding the rescue of the abducted victims but also about highlighting broader issues of injustice, insecurity and poverty confronting Nigerians.
“We are protesting the kidnapping of our children in Oyo State. We are also protesting injustice in our country, a situation whereby innocent school children in Oyo and Borno states have been in the custody of criminals for several weeks now.
“We are also protesting injustice meted out to young people who are regularly arrested on the highways by the police.
“We are protesting hunger and poverty in the land, and we are calling on the government to address these challenges,” he said.
Falana, a human rights advocate, lamented the condition of the abducted children and teachers, and regretted the killing of one of the latter.
He called on the authorities to intensify efforts to secure the release of the remaining victims.
Also addressing the protesters, Falz bemoaned what he described as worsening insecurity and economic hardship across the country.
The entertainer and activist said Nigeria was grappling with increasing cases of kidnappings and killings, urging the government to do more in its responsibility of protecting the citizens.
“Everybody can see the worsening insecurity. It is becoming unbearable,” he said.
Falz cited recent abductions in different parts of the country, including the kidnapping of students and the abduction of a relative of a former minister in Oyo State.
“Every Nigerian life matters and must be protected at all costs,” he stated.
He said that the repeated abduction of students had heightened public frustration and anxiety.
Also speaking, human rights activist, Mr Olumide Ogunsanwo, popularly known as Seaking, called for stronger government action to tackle insecurity across the country.
He said Nigerians were demanding better governance and an end to the growing wave of killings, kidnappings and other violent crimes.
“We say no to insecurity. Insecurity has to end,” he said.
Ogunsanwo urged the Federal Government to intensify efforts against bandits, insisting that decisive action, rather than rhetoric, was needed to end the insecurity.
Security operatives maintained presence around the protest venue and monitored activities throughout the demonstration.
(NAN)
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