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Minister
of State for Finance, Ambassador Basir Yuguda
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The
Federal Government has urged the Nigeria Deposit Insurance Corporation, NDIC,
and other regulatory institutions in the nation’s financial sector to put in
place pro-active mechanisms to ensure continued depositor protection and a safe
and sound financial system that would minimize the impact of the falling oil
prices on the economy.
Vanguard reports the Minister
of State for Finance, Ambassador Basir Yuguda, made the call, weekend, in Abuja
at the NDIC 25th anniversary gala/awards night.
The
minister said though the accomplishments and successes recorded by NDIC over
the years called for celebration, the imminent economic down turn staring the
country on the face demanded that the corporation and other sister regulatory
institutions should adopt measures to save Nigeria from possible dangers.
He
said: “While we celebrate on this auspicious occasion, I want us to spare a
moment’s thought to some issues which are starring us in the face, and which
may dictate our economic fortunes in time to come, because they will inevitably
determine how well banks supervisors and regulators should prepare, position
and pro-actively react to circumstances as they occur.
“Another
time for caution is here. Red-flashes have once again appeared on the global
horizon, which we must as a nation, take note of, and prepare for. Anyone or
nation that does not learn from previous crisis is indeed unwittingly placing
him/itself squarely in the line of fire. Similar events to those which heralded
the most recent recession are once again playing out.”
The
minister, who lamented the recent shocking impact of the fall in oil price on
the naira and 2015 budget, charged all government agencies to ensure that the
current situation is contained with less impact to the economy.
According
to him, “it is unfortunate to note that the falling oil prices have already
begun to take a toll on us. We have seen in the most recent past, the value of
the naira battling to remain at a reasonable level against other foreign
currencies. This is already having an effect on our 2015 budget by ways of the
announced cuts and belt-tightening measures.
“I
call on NDIC to once again rise up to this challenge as always. You must ensure
that you put in place pro-active mechanisms to ensure continued depositor
protection and sound economic system.”
Congratulates
NDIC over award
He,
however, congratulated the corporation on the receipt of the international
award, IADI, as the best deposit insurance organisation of the year, which he
described a testimony to the corporation’s commitment to excellence in the
discharge of its mandate and roles as a deposit insurer.
In his goodwill message,
Chairman, NDIC Board, Hassan Adamu, said since the establishment of the NDIC 25
years ago, it had remained a strong player in the safety-net mechanism of the
Nigerian banking system, thereby ensuring the protection of depositors and
continued stability of the Nigerian financial system.
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