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Senate lauds NDIC on regular remittance to consolidated revenue fund

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8 years ago

October 21, 2016

Olu Emmanuel

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By Odimmegwa Johnpeter/Abuja

The Senate Committee on Banking, Insurance and Other Financial Institutions has commended the Nigeria Deposit Insurance Corporation (NDIC) for its prompt and regular remittance of its operating surplus into the Consolidated Revenue Fund (CRF) in line with the provision of the Fiscal Responsibility Act (FRA), 2007.

The Committee Chairman, Sen. (Dr.) Rafiu Adebayo Ibrahim gave the commendation yesterday during the Committee’s oversight visit to the Head Office of the Corporation in Abuja.

Responding to the Corporation’s presentation titled: “Budget Implementation for the Third Quarter which Ended 30th September, 2016”, Sen. 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 Senate Committee Chairman said.

Sen. Ibrahim 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 required the Committee’s support.

The NDIC’s Managing Director / Chief Executive, Alh 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.

Alh. Ibrahim informed the committee of the commencement of the three major capital projects under the Corporation’s budget namely the 9-storey Head Office Annex building, Abuja, the 17-storey Lagos Office, Ikoyi and the 9-storey Lagos Training Academy Lekki which was approved by the Federal Executive Council (FEC).

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