Senate Lauds NDIC Over Regular Funds Remittance To Treasury | Independent Newspapers Limited
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Senate Lauds NDIC Over Regular Funds Remittance To Treasury

Nigeria senate, JAMB
Posted: Oct 16, 2016 at 8:58 pm   /   by   /   comments (1)

The Senate Committee on Banking, Insurance and Other Financial Institutions, at the weekend commended the Nigeria Deposit Insurance Corporation (NDIC) for 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. Rafiu Adebayo Ibrahim, according to a statement by NDIC’s spokesman, Hadi Birchi, spoke during an oversight visit to the corporation’s Head Office in Abuja, while responding to a presentation titled: “Budget Implementation for the Third Quarter which Ended 30th September, 2016,” by NDIC’s Managing Director, Alhaji Umaru Ibrahim.

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”, he said.

Ibrahim explained that the visit is to assess the level of implementation of the Corporation’s 2016 Budget with a view to identifying areas of challenges that required support.

The NDIC MD said 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 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.

Comments (1)

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