The Fiscal Responsibility Commission (FRC) has praised the Nigeria Deposit Insurance Corporation (NDIC) for its consistent and timely remittance of operating surplus into the Consolidated Revenue Fund (CRF), describing the agency as a benchmark for fiscal compliance.
FRC Executive Chairman, Victor Muruako, gave the commendation during a courtesy visit by NDIC Managing Director and Chief Executive, Sunday Oludare Thompson, and members of the corporation’s new management team.
Muruako said NDIC ranks among the best-performing government agencies under the Fiscal Responsibility Act (FRA) 2007, noting that its records show exemplary adherence to statutory remittance obligations.
“If any agency deserves an award for strict compliance with the remittance of operating surplus into the Consolidated Revenue Fund, NDIC would come first,” he said.
He urged the Central Bank of Nigeria and other government-owned entities to emulate NDIC’s transparency and discipline in surplus remittance.
NDIC, Nigeria’s financial safety-net institution, is responsible for protecting depositors, supervising insured banks and contributing to financial system stability. Though self-funded through premiums and investment income, it remains subject to the provisions of the Fiscal Responsibility Act.
Under Sections 21–23 of the Act, government agencies are required to remit 80 percent of their operating surplus to the CRF. However, amendments under recent Finance Acts now require NDIC to remit 80 percent of 50 percent of its gross internally generated revenue, reflecting its unique funding structure.
In his remarks, Thompson described the visit as part of NDIC’s strategic stakeholder engagement, noting that both institutions share a commitment to transparency, accountability and sound public finance management.
He reaffirmed NDIC’s resolve to comply fully with fiscal and regulatory requirements while strengthening collaboration with the FRC to promote good financial governance.
