FRC commends NDIC for compliance with audited financial statement

The Fiscal Responsibility Commission (FRC) has commended the management of Nigeria Deposit Insurance Corporation (NDIC) for compliance with the submission of its audited financial statements of 2007 – 2014 and prompt payment of operating surplus.

In a statement signed by Birchi H. S., head, communication and public affair, the commendation was contained in a letter dated December 14, 2015 and signed by the FRC acting chairman, Victor Muruako.

The FRC report indicated that the Corporation was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act (FRA) 2007, and had fully complied with the provisions of the General Reserve Fund into which 20 percent of its Operating Surplus was retained in accordance with Section 22 (2) of the FRA 2007.

The report also commended the Corporation’s compliance with the payment of 25 percent of its Gross Revenue to the Consolidated Revenue Account of the Federation in accordance with Ministerial Circular on Internally Generated Revenue (IGR). The Corporation remitted a total sum of N15.4 billion to the Consolidated Revenue Fund during the period.

“It is quite commendable that NDIC is one of the few Corporations that have fully complied with IFRS, which has greatly improved financial reporting of the activities of the agency,” the report observed.

The FRC also reviewed the Corporation’s annual approved budget and considered it to be of high standard in terms of process and content.

“The accounts were generally of high standard and depict compliance with international best practice. The Corporation’s record keeping is also commendable and the integrity of its financial reporting is enhanced with the adoption of International Financial Reporting Standards (IFRS),” the report noted.