July 12, (THEWILL) – The Nigeria Deposit Insurance Corporation (NDIC), has advised students to be financially disciplined by embracing financial savings, budgeting habits and development, at all times, for a productive and better living.
Mr Umar Kaoje-Bello, NDIC Zonal Controller, Sokoto, gave the advice on Wednesday at a lecture organised by the corporation, to commemorate 2023 Financial Literacy Day, at Hafsatu Ahmadu Model Arabic Secondary School, Sokoto.
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 an opportunity to educate youths on commercial and microfinance banks’ activities and the dangers of keeping money in an insecure environment.
According to him, good savings and proper budgetary habits would encourage prudence, transparent dealings and the growth of businesses.
He 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 in people’s daily activities, especially the 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 N200,000 for microfinance institutions when liquidated.
Tanko led students to a question and answers session, after a video show on financial management, NDIC functions and educational activities.
Speaking in his remarks, the Branch Controller, Central Bank of Nigeria (CBN), Sokoto, Mr Dahiru Usman, said commercial banks and microfinance institutions were available in the country with strict regulations on safeguarding deposits and financial transactions.
Representative of the National Drugs Law Enforcement Agency (NDLEA), Sokoto state command, Aliyu Umama, cautioned students on the dangers of drug abuse and related transactions.
Also, Hajia Hadiza Bature, a School Principal, described the event as beneficial and urged the students to take advantage of the event to change their attitude toward saving money.
In his remark, the Director of Schools in Sokoto State 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.
The event witnessed the presentation of lectures on two topics: “Plan your money, plan your Future” and “Mandates and Operations of NDIC.”
Tunde Omolehin is an award-winning Journalist with prose in investigative and storytelling that is connecting the dots between the under-reported communities and policymakers to ensure good governance and accountability.
