By Nkechi Eze
The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq., has commended the Nigeria Deposit Insurance Corporation (NDIC) for its consistent and timely remittance of operating surplus into the Consolidated Revenue Fund (CRF), in strict compliance with the Fiscal Responsibility Act (FRA), 2007.
The commendation was made during a courtesy visit to the FRC headquarters by the Managing Director/Chief Executive of the NDIC, Mr. Sunday Oludare Thompson, accompanied by members of the Corporation’s new management team.
According to Mr. Muruako, the NDIC has set a benchmark in adherence to the provisions of the Fiscal Responsibility Act, describing the Corporation as one of the best-performing government agencies in terms of remittance of operating surplus. He stated that records at the Commission indicate that NDIC has consistently met its statutory obligations.
“If there is any agency that should be awarded for remitting operating surplus into the Consolidated Revenue Fund in strict compliance with the Fiscal Responsibility Act, NDIC would come first,” Barrister Muruako said.
He further urged the Central Bank of Nigeria (CBN) and other government-owned entities to adopt NDIC’s operational model, particularly in terms of transparency and timely remittance of operating surplus to the CRF.
The NDIC, a statutory financial safety-net institution, plays a critical role in protecting depositors, guaranteeing bank deposits, supervising insured financial institutions, and contributing to the stability of Nigeria’s financial system. While self-funded through premiums paid by insured institutions and investment income, the NDIC is listed under the Fiscal Responsibility Act, making it fully subject to its provisions.
Sections 21–23 of the Act require government-owned corporations to remit 80 percent of their operating surplus to the CRF. Over time, the framework has evolved, most recently through Finance Circular No. FMFCME/OTHERS/IGR/CRF/21/2023, which now requires NDIC to remit 80 percent of 50 percent of its Gross Internally Generated Revenue (IGR) to the Consolidated Revenue Fund. This adjustment reflects the unique nature of self-funded regulatory agencies while maintaining fiscal contribution principles.
In his remarks, Mr. Thompson described the visit as a strategic engagement with a key stakeholder, noting the alignment of NDIC and FRC mandates in promoting transparency, accountability, and public confidence in government fund management. He reaffirmed NDIC’s commitment to fully comply with all fiscal and regulatory requirements while continuing to build and sustain its insurance funds.
Mr. Thompson also pledged to strengthen collaboration and institutional relationships with the FRC in pursuit of sound financial governance, underscoring the Corporation’s dedication to transparency and responsible fiscal management.
