NDIC Records N53.4bn Surplus, Seeks Passage Of N102bn 2017 Budget

Photo Caption: Deputy Chairman, House Committee on Insurance and Actuarial Matters, Daniel Ofong Henry; Chairman, House Committee on Insurance and Actuarial Matters, Olufemi Fakeye; MD/CE, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim and Executive Director Operations NDIC, Prince Aghatise Erediauwa, at the National Assembly during 2017 budget defence.

Alhaji Umaru Ibrahim, Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has enjoined the House of Representatives to approve its 2017 proposed budget with total and expendable income of N102.294bn and N76.72bn respectively for the 2017 fiscal year.
Making a presentation before the House of Representatives Committee on Insurance and Actuarial Matters recently, the NDIC boss while expressing 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, said the figure comprised operating expenses of N43.227bn or 49.94% of total expenditure, while Capital expenditure is N43.323 billion or 50.06%.
A statement by Hakeem Olawale Bakare for the Head, Communication & Public Affairs of the corporation, said Ibrahim assured the lawmakers that the capital component of the budget would be funded by the corporation’s General Reserve Fund which stood at N45.67bn as at 31st December, 2016.
He added that a total of N47.254bn is proposed as 80% net Operating surplus to be transferred into CRF in 2017, which is N4.479bn or 10.47% better than the N42.775 billion moved into the CRF for last year.
As at February 2017, the corporation said it had “made a total transfer of N35.893 billion into CRF while awaiting the conclusion of its 2016 External Audit report before transferring the outstanding balance of N6.882 billion to the CRF in line with FRA 2007,” thereby surpassing its budgeted N35.893bn.
Still on the 2016 operating year, Ibrahim said the corporation recorded actual income (net of provisions) of N85.020 billion, while total expenses stood at N31.551 billion, leaving a net operating surplus of N53.469 billion of which 80% was transferred to the CRF.
Members of the Committee expressed their satisfaction with the level of execution of the Corporation’s 2016 Budget and its proposed 2017 Budget especially its commendable efforts at consistently contributing to the CRF, which they urged it to continue.
Responding to the proposed budget, Chairman of the Committee, Femi Fakeye, commended NDIC on its performance in the 2016 budget, particularly for standing out amongst its peers especially its transfer of huge sums into Consolidated Revenue Fund (CRF). He urged the Management not to rest on its oars and strive to achieve greater heights.