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FRC commends NDIC over financial statements

By on January 26, 2016

The Fiscal Responsibility Commission has commended the management of the Nigeria Deposit Insurance Corporation for its compliance with the submission of its audited financial statements of 2007 to 2014.

It also lauded the corporation’s prompt payment of operating surplus, a statement on Sunday said.

According to the statement, the commendation letter was dated December 14, 2015 and signed by the FRC Acting Chairman, Victor Muruako.

The statement signed by the Head, Communication and Public Affairs, Mr. Haddi Birchi, stated that the FRC report indicated that the corporation was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act 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 FRC 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.

According to the statement, the corporation remitted a total sum of N15.4bn to the consolidated revenue account during the period.

“It is quite commendable that NDIC is one of the few corporations that have fully complied with IFRS, which has greatly improved financial reporting of the activities of the agency,” the report observed.

The FRC also reviewed the corporation’s annual approved budget and considered it to be of high standard in terms of process and content, it said.