NDIC remits N15 billion to consolidated fund

THE Fiscal Responsibility Commission (FRC) had commended the Nigeria Deposit Insurance Corporation (NDIC) for remitting a total sum of N15.4 billion to the Consolidated Revenue Fund.

A letter dated December 14, 2015 and signed by the FRC Acting Chairman, Victor Muruako, described NDIC as a worthy Federal Government agency, stressing that the commendation was given for NDIC’s compliance for submitting its audited financial statements of 2007-2014 as well as its prompt payment of operating surplus.

“The FRC report indicated that the Corporation was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act (FRA) 2007 and had fully complied with the provisions of the General Reserve Fund into which 20 per cent of its operating surplus was retained in accordance with Section 22 (2) of the FRA 2007”, he said.

The report also commended the corporation’s compliance with the payment of 25 per cent of its gross revenue to the consolidated revenue account of the federation in accordance with ministerial circular on Internally-Generated Revenue (IGR).

“It is quite commendable that NDIC is one of the few corporations that have fully complied with IFRS, which has greatly improved financial reporting of the activities of the agency,” the report said.