The Senate Committee on Banking and Other Financial Institutions has pledged enhanced budgetary support and an improved operating environment for the Nigeria Deposit Insurance Corporation (NDIC) to strengthen its statutory role in safeguarding Nigeria’s financial system.

Chairman of the committee, Senator Mukhail Adetokunbo Abiru, gave the assurance on Friday in Owerri, Imo State, during an oversight visit to the NDIC Owerri Zonal Office. He was represented by Senator Osita Izunaso (Imo West Senatorial District).

Abiru, who was accompanied by Senators Tony Nwoye (Anambra State) and Kevin Chukwu (Enugu State), described the NDIC as a critical pillar of financial stability, assuring management and staff that the committee would work within its legislative mandate to secure improved funding in the 2026 budget and subsequent appropriation cycles.

He noted that the NDIC plays a strategic role in deposit insurance supervision, bank resolution, and depositor protection, stressing that these functions are essential to maintaining public confidence in the banking system, especially amid evolving economic conditions and emerging financial risks.

The committee chairman acknowledged the importance of the Owerri Zonal Office, which oversees a region with diverse economic activities and complex banking dynamics that demand professionalism, diligence, and adequate institutional support.

“We recognise and commend the corporation’s efforts in carrying out its mandate, particularly in deposit insurance, bank resolution, and public awareness,” Abiru said. “These responsibilities have become even more critical in the face of current economic realities.”

He explained that the oversight visit was designed to facilitate extensive interaction with NDIC management and staff, review ongoing programmes, assess operational challenges, and obtain firsthand insight into the working conditions of the zonal office.

Abiru added that the committee’s areas of focus include funding, staffing, infrastructure, inter-agency collaboration, and compliance with relevant laws and policies.

He urged NDIC personnel at all levels to continue to uphold the highest standards of transparency, accountability, and professionalism in the management of public resources.