TVC E, BUSINESS – The Nigeria Deposit Insurance Corporation (NDIC) has remitted a total of N15.4 billion to the Consolidated Revenue Fund between 2007 and 2014, Fiscal Responsibility Commission, FRC has said.
While praising NDIC in a letter , FRC 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).
