Written by Sarah NEGEDU

NDIC pays N15.4bn into consolidated revenue fund

The Nigeria Deposit Insurance Corporation, NDIC, has remitted the sum of N15.4 billion into the Consolidated Revenue Fund between 2007 and 2014, the Fiscal Responsibility Commission, FRC, has said.

The sum, which is 25 percent of the corporation’s gross revenue during the period, has been remitted in to the consolidated revenue account of the federation in accordance with a ministerial circular on internally generated revenue, IGR.

Commending the NDIC for its compliance with the submission of its audited financial statements of 2007- 2014, the commission said NDIC has also made prompt payment of its operating surplus in accordance with Section 22 (2) of the Fiscal Responsibility Act 2007.

The commendation contained in a letter signed by the FRC Acting Chairman, Victor Muruako, noted that the corporation was well above average in compliance with Sections 21- 23 of the FRA 2007, adding that the NDIC has fully complied with the provisions of the General Reserve Fund into which 20% of its operating surplus was retained in accordance with the Act.

The report which commended NDIC for being one of the few institutions to have complied with the International Financial Reporting Standards in its audited financial statements states that, “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 FRC also reviewed the corporation’s annual approved budget and considered it to be of high standard in terms of process and content.

“The accounts were generally of high standard and depict compliance with international best practice. The corporation’s record keeping is also commendable and the integrity of its financial reporting is enhanced with the adoption of International Financial Reporting Standards, IFRS,” the report added.

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