The Nigerian Deposit Insurance Corporation (NDIC) on Tuesday linked poor attitudes towards saving among many Nigerians to reasons why such people experience poverty.
Speaking at this year’s World Savings Day organised among selected secondary school students in Kwara state, the Controller, Ilorin office of the corporation, Hamzat Kangiwa,
revealed that the inconvenience suffered by some people during the Naira redesignation policy of the Central Bank of Nigeria (CBN) early in the year, which caught a lot of Nigerians unaware, was borne out of the poor saving culture of many Nigerians.
No fewer than 11 secondary schools in the state participated in the programme.
Mr Kangiwa added that “in the North, where I hail from, traders hardly put their money in banks. This is because of the type of business they do”.
The NDIC controller, who encouraged students to inculcate the habit of saving while they are still young, said that “saving is very difficult, but you have to close your eyes and inculcate the habit to do it. That is why we have invited you to inculcate in your pupils the culture of lodging your money in financial institutions.
“Look at the Naira redesignation programme early in the year. A lot of people lost huge sums of money. Others died because they kept their money in their houses.
“To avoid this kind of thing in the future, it is important to encourage the habit of saving. NDIC is not a bank; it is encouraging people to save money so that they can protect their money.
“The primary objective of our being today is to encourage young ones to imbibe a savings culture. The only thing NDIC and CBN can do is encourage you to put your money in a bank or any of these financial institutions for safety and accompanying interest.
“In case of eventuality, NIDC is there to pay such money back to the depositors”.
He also advised people not to spend beyond their earnings, saying that human wants are insatiable.
The NDIC controller also said that saving helps concerned government institutions to know the quantum of money in circulation, adding that savings in the bank are better than saving under a pot, pillow, or ground, etc.
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