The Nigeria Deposit Insurance Corporation (NDIC) advised students on Thursday to embrace financial savings and develop financial discipline on spending for a productive and better life.
The NDIC Sokoto Zonal Controller, Mr. Umar Kaoje-Bello gave the advice at a lecture organized by the corporation to commemorate the 2023 World Savings Day at Government Day Secondary School Gagi in Sokoto South Local Government Area.
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In a paper tagged “Conquer Your Tomorrow Through Saving ”, Kaoje-Bello said that NDIC has 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 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 unsecure environment.
According to him, good savings and proper budgetary habits would encourage prudence, transparent dealings, and the growth of businesses.
He advised the students to utilize their skills on monetary value, power of choice, investment and planning, spending priorities, budgeting, 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 the remodeling of youths to improve their financial inclusion.
Mr. Abdulaziz Jega, from the Banking and Examination Department of the NDIC, said the agency was desirous of deriving financial inclusion from people’s daily activities, especially those of rural dwellers.
“The NDIC also wants to promote a saving culture and financial planning.
“In spite of the difficulty in earning money, some people are still reckless with it due to a lack of budgeting.
“If you have a budget, you do not spend your money outside the budget lines,” Jega said.
He explained that the primary objective of the deposit insurance system in the country was to protect the interests of small depositors, promote public confidence, and ensure financial system stability.
He said the NDIC was responsible for paying N500,000 and below for commercial bank depositors and N200,000 for microfinance institutions when liquidated.
Jega said that the primary objective of the Deposit Insurance System (DIS) in Nigeria was to protect the interests of small depositors, promote public confidence, and contribute to financial stability.
He led the students to a question-and-answer session after a video show on financial management, NDIC functions, and educational activities.
In his presentation, Mr. Aliyu Umama, Officer from the Drug Demand Reduction Unit of the National Drugs Law Enforcement Agency (NDLEA), Sokoto State Command, cautioned the students on the dangers of drug abuse and related transactions.
The principal, Alhaji Abdullah Shehu, urged the students to take advantage of the event to change their attitude toward saving money.
The Director of Quality Assurance in the Sokoto State Ministry of Basic and Secondary Education, Alhaji Shehu Balarabe, lauded NDIC for bringing the program to the school and hoped it would help to inculcate in the students better monetary planning for their future.