L-R: Deputy Chairman, House Committee on Insurance and Actuarial Matters, Hon. Daniel Ofong Henry; Chairman, House Committee on Insurance and Actuarial Matters, Hon. Olufemi Fakeye; MD/CE, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim and Executive Director Operations NDIC, Prince Aghatise Erediauwa, at the National Assembly during 2017 Budget Defense.

NDIC Remits N35.893bn To CRF, Reps Lauds Performance

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By Nse Anthony-Uko,

ABUJA, (Sundiata Post) -The Nigeria Deposit Insurance Corporation (NDIC) has  transferred  a total of  N35.893 billion as at February 2017 into the Consolidated Revenue Fund (CRF).

The MD/CEO of NDIC, Alhaji Umaru Ibrahim, who revealed this on Thursday during the Corporation’s 2017 budget defence the House of Representatives committee on insurance and actuarial matters

This is as the House committee members expressed satisfaction with  the NDIC over its 2016 budget performande as well as its  proposed 2017 budget.

Ibrahim, in a statement, said that in 2016, the corporation’s actual income was N85.020 billion which was expendable to the limit of 75 per cent in line with the provisions of Fiscal Responsibility Act (FRA) 2007 while its total expenses was N31.551 billion. This gave a net operating surplus of N53.469 billion out of which the corporation made provision to transfer the sum of N42.775 billion or 80 per cent into Consolidated Revenue Fund (CRF).

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As at Feb 2017, the corporation had made a total transfer of N35.893 billion into CRF while awaiting the conclusion of its 2016 external audit report before transferring the outstanding balance of N6.882 billion to the CRF in line with FRA 2007. With this the Corporation had surpassed its budgeted sum of N35.893 billion as against the actual sum of N42.775 billion transferred into CRF.

Alhaji Umaru urged the house committee to approve the corporation’s 2017 proposed budget of total income of N102.294 billion and expendable income of N76.720 billion. This comprised operating expenses of N43.227 billion or 49.94 per cent of total expenditure and a total capital expenditure of N43.323 billion or 50.06 per cent of the total budget. The capital expenditure would be funded by the corporation’s General Reserve Fund which stood at N45.670 billion as at 31st December, 2016. He concluded that a total of N47.254 billion is proposed as 80 per cent net operating surplus to be transferred into CRF in 2017.

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