{"id":9033,"date":"2016-10-17T11:43:54","date_gmt":"2016-10-17T10:43:54","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9033"},"modified":"2016-10-17T11:43:54","modified_gmt":"2016-10-17T10:43:54","slug":"senate-lauds-ndic-for-regular-remittance-to-consolidated-revenue-fund","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/senate-lauds-ndic-for-regular-remittance-to-consolidated-revenue-fund\/","title":{"rendered":"Senate Lauds NDIC For Regular Remittance To Consolidated Revenue Fund"},"content":{"rendered":"
\"Umaru<\/a>
Umaru Ibrahim, Managing Director\/Chief Executive Officer NDIC<\/figcaption><\/figure>\n

Senate Lauds NDIC For Regular Remittance To Consolidated Revenue Fund<\/p>\n

The Senate Committee on Banking, Insurance and Other Financial Institutions has commended the Nigeria Deposit Insurance Corporation (NDIC) for its prompt and regular remittance of its operating surplus into the Consolidated Revenue Fund (CRF) in line with the provision of the Fiscal Responsibility Act (FRA), 2007.<\/p>\n

The Committee Chairman, Sen. (Dr.) Rafiu Adebayo Ibrahim gave the commendation yesterday during the Committee\u2019s oversight visit to the Head Office of the Corporation in Abuja.<\/p>\n

Responding to the Corporation\u2019s presentation titled: \u201cBudget Implementation for the Third Quarter which Ended 30th<\/sup> September, 2016\u201d, Sen. Ibrahim expressed satisfaction on the NDIC\u2019s consistent and timely remittance of 80 per cent of its operating surplus to the CRF at the end of each fiscal year.<\/p>\n

\u201cWe have to commend the NDIC on the surplus you transfer to the Consolidated Revenue Fund. It is very excellent. I will commend you on behalf of the Nigerian people\u201d, the Senate Committee Chairman said.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Sen. Ibrahim explained that the Committee embarked on the oversight visit to NDIC to assess the level of implementation of the Corporation\u2019s 2016 Budget with a view to identifying areas of challenges that required the Committee\u2019s support.<\/p>\n

The NDIC\u2019s Managing Director\/Chief Executive, Alh. Umaru Ibrahim said that the Corporation had recorded remarkable achievements due to its implementation of performance based budget system (PBBS) on its 2016 budget despite the economic challenges in the country.<\/p>\n

Alh. Ibrahim informed the committee of the commencement of the three major capital projects under the Corporation\u2019s budget namely the 9-storey Head Office Annex building, Abuja, the 17-storey Lagos Office, Ikoyi and the 9-storey Lagos Training Academy Lekki which was approved by the Federal Executive Council (FEC).<\/p>\n

He reiterated that the Corporation remained committed to the protection of depositors through effective supervision of banks in conjunction with the Central Bank of Nigeria and prompt payment of insured sums to depositors of closed banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Senate Lauds NDIC For Regular Remittance To Consolidated Revenue Fund The Senate Committee on Banking, Insurance and Other Financial Institutions has commended the Nigeria Deposit Insurance Corporation (NDIC) for its prompt and regular remittance of its operating surplus into the Consolidated Revenue Fund (CRF) in line with the provision of the Fiscal Responsibility Act (FRA), …<\/p>\n","protected":false},"author":11,"featured_media":8924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,818,740,575],"coauthors":[2392,2393],"class_list":["post-9033","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-cbn","tag-ndic","tag-nse","tag-sec"],"yoast_head":"\nSenate Lauds NDIC For Regular Remittance To Consolidated Revenue Fund - 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