The Federal Government has reaffirmed its commitment to deepening citizen engagement as a critical pillar of macroeconomic stability, while spotlighting far-reaching reforms in the banking sector that are strengthening depositor protection, reinforcing financial system resilience and advancing the Renewed Hope Agenda.
The commitment was made at the Q2 2026 Citizens and Stakeholders’ Engagement Session convened by the Federal Ministry of Finance in Abuja.
Speaking during the session, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi, said the engagement reflects government’s deliberate commitment to transparency, accountability and inclusive governance by creating a platform through which citizens and stakeholders can engage directly with ongoing economic reforms, government priorities and institutional performance.
He noted that the Federal Ministry of Finance occupies a strategic position in the management of the nation’s public finances and remains committed to implementing fiscal policies that restore macroeconomic stability, strengthen public financial management and place the economy on a sustainable growth trajectory.
According to him, sustained engagement with citizens has become indispensable to effective policy implementation, improved service delivery and the consolidation of public confidence in government institutions.
He added that the initiative also provides an avenue for Ministries, Departments and Agencies (MDAs) to demonstrate progress in delivering Presidential directives and ministerial priorities.
Mr. Omachi highlighted the strategic role of the Nigeria Deposit Insurance Corporation (NDIC) in safeguarding financial system stability, describing the Corporation as a critical institution responsible for protecting depositors, promoting confidence in the banking industry and preserving the soundness of Nigeria’s financial system.
Presenting the Corporation’s scorecard, the Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Oludare Sunday, outlined a series of reforms and milestones that have significantly strengthened the nation’s financial safety net.
He disclosed that deposit insurance coverage was increased tenfold in 2024, raising the maximum insured amount for commercial bank depositors from ₦500,000 to ₦5 million, with 98.98 per cent of depositors now fully protected under the scheme.
He further revealed that the Corporation has significantly accelerated depositor reimbursement, paying insured depositors within four days following the closure of Heritage Bank and within 72 hours after the revocation of the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, demonstrating its readiness to protect depositors and sustain confidence in the financial system.
According to him, the NDIC currently provides deposit insurance coverage for more than 281 million depositor accounts across 914 licensed financial institutions, underscoring the breadth of protection available within Nigeria’s banking ecosystem.
Mr. Oludare also announced that the banking sector recapitalisation exercise has attracted over ₦4.61 trillion in fresh capital, considerably strengthening the resilience of financial institutions and enhancing their capacity to finance productive sectors of the economy.
On the Corporation’s contribution to public finance, he disclosed that the NDIC has remitted over ₦505.53 billion into the Consolidated Revenue Fund since 2023, bringing its cumulative remittance to more than ₦950.52 billion.
He described the achievement as evidence of prudent financial management, operational efficiency and the Corporation’s sustained contribution to national revenue generation.
He further explained that the NDIC Act, 2023 (Act No. 33), provides the Corporation with four core mandates: Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation.
He said these statutory responsibilities continue to underpin the Corporation’s efforts to protect depositors, maintain financial stability and support national economic development.
In his Vote of Thanks, the Director of Economic Research and Policy Management Department, Mr. Othma Abubakar Musa, commended the Honourable Minister of Finance and Coordinating Minister of the Economy, as well as the Permanent Secretary, Mr. Raymond Omachi, for their strategic leadership and steadfast support for reforms aimed at strengthening fiscal sustainability and advancing inclusive economic growth.
He also appreciated participants for their active engagement and reaffirmed the Ministry’s commitment to sustaining stakeholder dialogue, strengthening public confidence in ongoing economic reforms and ensuring that citizens remain active partners in advancing Nigeria’s economic stability, fiscal resilience and inclusive national development.
Efe Ovuakporie
Head information and PR Unit
30th June 2026
