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‘NDIC remits 80% operating surplus into CRF

The Nigeria Deposit Insurance Corporation (NDIC) is one of the few agencies of government that has been consistent in remitting 80 per cent operating surplus into the Consolidated Revenue Fund (CRF). Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, stated this on Thursday when she in-augurated the Executive Director (Corporate Services) of NDIC, Mrs. Emily Chidinma Osuji. Speaking at the inauguration of NDIC ED, Ahmed described NDIC as an important component of the nation’s financial safety net that is at the forefront of activities that promote financial system stability through its contribution to financial inclusion and other economic policies of government.

The minister tasked board and management of the Corporation to liaise with the National Assembly to facilitate the amendment of NDIC Act 2006, which borders on Banks and Other Financial Act (BOFIA) 2020. “The Corporation has been consistent in remitting its 80 per cent operating surplus to the Con-solidated Revenue Fund of government, among many other milestones achieved. I urge you to keep this good track record.

“I wish to seize this opportunity to once again draw the attention of 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 March 11, 2021, which are as follows: to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006. The ministry is ready and willing to assist in any direction request that the management would give a special brief on the issues that arose on the recently amended Banks and Other Financial Act (BOFIA) 2020.

 

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