NDIC confirms remittance of 80% surplus into Consolidated Revenue Fund

WorldStage Newsonline– The Nigeria Deposit Insurance Corporation (NDIC) said it remitted 80 per cent of its operating surplus into the Consolidated Revenue Fund (CRF) annually.

NDIC Executive Director, Corporate Services, Ms Omolola Edewor, made this known when she presented the corporation’s 2019 Budget before the Senate Committee on Banking, Insurance and other Financial Institutions on Monday on Abuja.

She said the corporation had experienced steady increase to the CRF since 2007.

Edewor noted that “in compliance with the provisions as contained in Section 21 to 23 of the Fiscal Responsibility Act, the corporation remits 80 per cent of its operating surplus into the CRF annually.

According to her, the corporation has transferred N203 billion to the CRF since 2007.

On implementation of capital budget, the director said though there were challenges, progress had been made.

She said “we anticipate much faster progress on the work now that the ground work has been done.”

Edewor pointed out that the corporation’s CSR, listed under its ‘other overhead expenses’ included support to educational institutions among others.

She said the support included building and equipping of libraries and classrooms as well as ensuring that “the study of deposit insurance is included in the curriculum of some higher institutions.”

“Our staff are our asset as such we do not compromise on training. Training is very key in the sector,” she noted.

Meanwhile, the chairman of the committee, Sen. Rafiu Adebayo requested the corporation to submit details of the corporation’s CSR to the committee.

He noted that CRS was very important, adding that it was one of the major ways, Nigerians benefited for agencies.

He reaffirmed senate’s commitment to ensure that budgetary allocations to CRS was reasonable enough for meaningful impact.

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