By Habibu Harisu
The Nigeria Deposit Insurance Corporation (NDIC), has advised students to embrace efficient savings habits and develop financial discipline for a productive and an improved living standard.
The NDIC Zonal Controller in Sokoto, Mr Umar Kaoje-Bello, gave the advice on Thursday at a lecture organized by the corporation to commemorate this year’s World Saving Day at A.A Raji Special School, Sokoto.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 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, as well as the dangers of keeping money in an insecure environment.
According to him, ”good savings and proper budgetary habits would encourage prudence, transparent dealings and growth of businesses.”Kaoje-Bello urged students to utilise their skills on monetary value, power of choice, investment and planning, spending priority and other financial engagements.He also called on 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.Mrs Nusra Wali, from Communication and Public Affairs Department of NDIC, said the agency was desirous to derive financial inclusion on peoples’ daily activities, especially the rural dwellers.“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,” Wali said.She 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.Wali said the NDIC is responsible for paying half a million and below for commercial bank depositors and N200,000 for microfinance institutions, when liquidated.
In his lecture, Mr Aliyu Umama, an official of the 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’s Principal, Alhaji Aliyu Mudi-Sifawa, urged the students to take advantage of the event to change their attitudes towards saving money.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.Junaidu said,” it would help to inculcate in the students better monetary planning for their future.” (NAN
