NDIC remits N15.4bn to Consolidated Revenue Fund

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Umaru Ibrahim, NDIC MD
The Nigeria Deposit Insurance Corporation (NDIC) has remitted N15.4 billion to the Consolidated Revenue Fund.
This was contained in a statement issued by the Head of Communication and Public Affairs of the corporation, Mr Hadi Birchi, and made available to newsmen on Sunday in Abuja.
The statement said that NDIC had complied with the payment of 25 per cent of its gross revenue to the Consolidated Revenue Account of the federation.
It explained that the Fiscal Responsibility Commission (FRC) had commended the corporation on its effort to make the payment, saying this was in accordance with ministerial circular on Internally Generated Revenue.
“It is quite commendable that NDIC is one of the few corporations that have fully complied with FRC regulations.
“The FRC 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 practices. 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),” it said.
The statement said the FRC also commended NDIC for complying with the submission of its audited financial statements of 2007- 2014 and for prompt payment of operating surplus.
It explained that the commendation was contained in a letter to the corporation. “The FRC report indicates that the corporation is well above average in compliance with sections 21- 23 of the Fiscal Responsibility Act (FRA) 2007.
“It has fully complied with the provisions of the General Reserve Fund into which 20 per cent of its operating surplus is retained in accordance with Section 22 (2) of the FRA 2007,” the statement said. …Read More

Source:: PM Newspaper