The House of Representatives Committee on Insurance and Actuarial Matters has adopted the 2025 budget estimates for the National Insurance Commission (NICOM) and the Nigeria Deposit Insurance Corporation (NDIC) after their presentations on 2024 budget performance.
NDIC’s 2025 budget projects a gross income of N433.9 billion, with 50% of net revenue remitted to the Consolidated Revenue Fund (CRF).
NICOM’s budget is set at N29.931 billion, with a similar 50% remittance to the CRF.Both agencies urged lawmakers to fast-track the passage of the Insurance Reform Bill 2024, which would grant NAICOM greater regulatory powers to strengthen the insurance sector.
The committee, led by Chairman Ahmed Jaha Babawo, formally adopted the budget estimates after a voice vote.
