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NDIC remits 80% operating surplus – Senate

Nigeria Deposit Insurance Corporation (NDIC) has consistently remitted over 80 per cent of its operating surplus to the Consolidated Revenue Fund (CRF) at every year end.

The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Dr Rafiu Adebayo Ibrahim, who stated this in Abuja, said that NDIC was one of the few agencies who have kept faith with the provision of the Fiscal Responsibility Act (FRA), 2007.

Responding to the Corporation’s presentation entitled: “Budget Implementation for the Third Quarter which Ended September 30, 2016, Ibrahim expressed satisfaction on the NDIC’s consistent and timely remittance of 80 per cent of its operating surplus to the CRF at the end of each fiscal year.

“We have to commend the NDIC on the surplus you transfer to the Consolidated Revenue Fund. It is very excellent. I will commend you on behalf of the Nigerian people”, the Committee Chairman said.

He explained that the Committee embarked on the oversight visit to NDIC to assess the level of implementation of the Corporation’s 2016 Budget with a view to identifying areas of challenges that require the Committee’s support.

Earlier, in his presentation, the Managing Director/Chief Executive of NDIC, Alhaji Umaru Ibrahim, said that the Corporation had recorded remarkable achievements due to its implementation of performance- based budget system (PBBS) on its 2016 budget, despite the economic challenges in the country.

He informed the committee of the commencement of the three major capital projects under the Corporation’s budget, namely the nine-storey Head Office Annex building, Abuja, the 17-storey Lagos Office, Ikoyi and the nine-storey Lagos Training Academy, Lekki, which was approved by the Federal Executive Council (FEC).

He added that the Corporation remained committed to the protection of depositors through effective supervision of banks in conjunction with the Central Bank of Nigeria (CBN) and prompt payment of insured sums to depositors of closed banks.

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