NDIC urges Sokoto students to embrace financial saving, budgeting habits

The Nigeria Deposit Insurance Corporation (NDIC) has advised students to embrace financial savings, budgeting habits and develop financial discipline at all times for a productive and better living.

The NDIC Zonal Controller in Sokoto, Mr Umar Kaoje-Bello, gave the advice on Wednesday, July 12, 2023 at a lecture organised by the corporation to commemorate 2023 Financial Literacy Day at Hafsatu Ahmadu Model Arabic Secondary School, Sokoto.

The News Agency of Nigeria (NAN) reports that the event witnessed presentation of lectures on two topics: ”Plan your money, Plan your Future”, and ” Mandates and Operations of NDIC”.

In a presentation, Kaoje-Bello said that 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.

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 as well as dangers of keeping money in unsecured environment.

According to him, good savings and proper budgetary habits will encourage prudence, transparent dealings and growth of businesses. He therefore advised students to utilise their skills on monetary value, power of choice, investment and planning, spending priority and other financial engagements.

Kaoje-Bello also urged them to be wary of financial frauds, which mostly occur through online banking, Point-of-Service operators and others, due to greed and eagerness to obtain cheap proceeds.

He said that the agency remained committed to promoting savings, budget culture and remodelling of youths to improve their financial inclusion. Mr Tanko Ibrahim, the Manager, Corporate and Communications Department of NDIC, said the agency was desirous to derive financial inclusion on peoples’ daily activities, especially 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 ₦200,000 for microfinance institutions, when liquidated. Tanko led students to question and answer session after a video show on financial management, NDIC functions and educational activities.

Contributing, the Sokoto Branch Controller, Central Bank of Nigeria (CBN), Mr Dahiru Usman, said commercial banks and microfinance institutions were available in the country with strict regulations on safeguarding deposits and financial transactions.

Mr Aliyu Umama, from Drug Demand Reduction Unit of National Drugs Law Enforcement Agency (NDLEA), Sokoto State Command, cautioned students on the dangers of drug abuse and related transactions.

The school Principal, Hajiya Hadiza Bature, described the event as beneficial and urged the students to take advantage of the event to change their attitude to saving money.

In his remark, the state Director of Schools, Ministry of Basic and Secondary Education, Alhaji Bala Junaidu, lauded NDIC for bringing the programme to the school and hoped it would help to inculcate in the students better monetary planning for their future.