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The Executive Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Muruako, Esq., has commended the Nigeria Deposit Insurance Corporation (NDIC) for its prompt and consistent remittance of operating surplus into the Consolidated Revenue Fund (CRF), in strict compliance with the Fiscal Responsibility Act (FRA), 2007.

According to a press statement signed by Mr. Bede Ogueri Anyanwu, the Deputy Director, Strategic Communications at the Commission, Mr. Muruako gave the commendation during a courtesy visit by the Managing Director/Chief Executive of the NDIC, Mr. Sunday Oludare Thompson, who led members of the Corporation’s new management team to the Commission’s headquarters.

The FRC Chairman noted that the NDIC has demonstrated exemplary adherence to the provisions of the Fiscal Responsibility Act and stands out as one of the best-performing government agencies in the area of operating surplus remittance. He noted that records available to the Commission show that the Corporation 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,” Mr. Muruako said.

He further urged the Central Bank of Nigeria (CBN) and other government-owned entities to emulate the NDIC’s operational model, particularly its commitment to transparency and timely remittance of operating surplus to the CRF.

The NDIC, a statutory financial safety-net institution, is charged with protecting depositors, guaranteeing bank deposits, supervising insured financial institutions, and contributing to the stability of Nigeria’s financial system. Although it is a self-funded public institution, deriving its revenue largely from premiums paid by insured institutions and investment income, the NDIC is fully subject to the Fiscal Responsibility Act, having been listed in the Schedule to the Act from inception.

Under Sections 21–23 of the FRA, 2007, government-owned corporations are required to remit 80 per cent of their operating surplus to the Consolidated Revenue Fund. While the NDIC initially complied with this provision, the framework has evolved through subsequent amendments introduced by various Finance Acts and Finance Circulars.

Most recently, Finance Circular No. FMFCME/OTHERS/IGR/CRF/21/2023, dated December 28, 2023, amended Section 22 of the Act, requiring the NDIC to remit 80 per cent of 50 per cent of its Gross Internally Generated Revenue to the CRF, in recognition of the unique nature of self-funded regulatory agencies.

In his remarks, the NDIC Managing Director/Chief Executive, Mr. Thompson, described the visit as a strategic stakeholder engagement, noting that the Fiscal Responsibility Commission is a key institution in the Corporation’s engagement framework.

He stated that both institutions share common mandates centred on promoting transparency, accountability, and public confidence in the management of public funds. Mr. Thompson reaffirmed the NDIC’s commitment to full compliance with all fiscal and regulatory requirements, while emphasizing the Corporation’s focus on strengthening its insurance funds in line with its statutory mandate.

He also pledged to deepen collaboration and institutional relationships with the Fiscal Responsibility Commission in the pursuit of sound financial governance.