The Nation
Published On: January 25, 2016
By Nduka Chiejina

The Nigeria Deposit Insurance Corporation (NDIC), remitted a total of N15.4 billion to the Consolidated Revenue Fund between 2007 and 2014.

The Fiscal Responsibility Commission (FRC), made this known in a commendation letter it wrote to the NDIC praising the Corporation. It commended the management of NDIC for compliance with the submission of its audited financial statements of 2007- 2014 and prompt payment of operating surplus.

This letter dated December 14, last year was signed by the FRC Acting Chairman, Victor Muruako.

The FRC report indicated that the NDIC was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act (FRA) 2007 and “had fully complied with the provisions of the General Reserve Fund into which 20 per cent of its Operating Surplus was retained in accordance with Section 22 (2) of the FRA 2007”.

The report also commended the Corporation’s compliance with the payment of 25 per cent of its Gross Revenue to the Consolidated Revenue Account of the Federation in accordance with Ministerial Circular on Internally Generated Revenue (IGR).

According to the FRC, “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 report observed.”

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 FRC wrote.

The FRC gave the NDIC the all clear when it wrote that “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).”

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