FG Applauds NDIC’s Consistent Operating Surplus Remittances
BY EDMOND ODOK – The Nigeria Deposit Insurance Corporation (NDIC) has deservedly received kudos from the Federal Government for its consistent remittance of about 80 per cent operational surplus to the nation’s consolidated revenue fund.
The Government also commended the Corporation for becoming an important and integral component of the nation’s financial safety net over the years.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who appreciated the Corporation while inaugurating its Executive Director, Corporate Services, Mrs Emily Chidinma Osuji, in Abuja on Thursday, noted that NDIC’s activities have continued to support and promote financial system stability, financial inclusion and other economic policies of the government.
Mrs Ahmed said; “Over the years, the Corporation has become an important component of the nation’s financial safety net and at the forefront of activities that promote financial system stability through its contribution to financial inclusion and other economic policies of the government.”
She tasked the Corporation’s Board and management to liaise with the National Assembly (NASS) in facilitating an amendment to the NDIC Act 2006 which borders on the Banks and other Financial Act (BOFIA) 2020.
“I wish to seize this opportunity to once again draw the attention of the members of the Board and management to some of the issues which were highlighted at the inauguration of the Managing Director and the Executive Director (Operations) on 11th March 2021 which are as follows: to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006″, Mrs Ahmed said.
The Finance Minister’s applause for NDIC comes against the backdrop of failure by most government Ministries Departments and Agencies (MDAs) to comply with existing financial directives of remitting 80 per cent of their operating surplus into the consolidated revenue fund as required by the Fiscal Responsibility Act (FRA)
Also speaking at the inauguration, NDIC Board Chairman, Mrs Ronke Sokefun commended the Minister for ensuring gender balance into NDIC’s operations.
She said no efforts would be spared in taking the Corporation to the highest level and assured the Minister that an improved remittance of operating surplus into the consolidated revenue fund would still be achieved in the coming years.
In her response, the NDIC Executive Director, Corporate Services, Mrs Osuji thanked the Minister for the opportunity to serve in the Board and promised to key into the Corporation’s vision of a stable and safe financial system in the country.
Present at the inauguration ceremony were the permanent secretary in the Finance Ministry, Alhaji Aliyu Ahmed, Managing Director of NDIC, Alhaji Bello Hassan and other directors of the Corporation.
