By Babajide Komolafe
THE Nigeria Deposit Insurance Corporation (NDIC) said it recorded N53 billion as operating surplus for the 2016 operating year. Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim, disclosed this while defending the 2017 budget of the Corporation before the House Committee on Insurance and Actuarial Matters.
He said the Corporation in line with the Fiscal Responsibility Act (FRA) will transfer 80 per cent of the surplus into the Consolidation Revenue Fund of the federation.
Ibrahim called the attention of the Honourable members to the delay in the approval of 2016 budget which contributed to the modest execution of the budget. He restated the Corporation’s commitment to performance based budgeting system (PBBS) the essence of which is to ensure efficient allocation of resources to enable the Corporation achieve its strategic mandate.