Finance Minister Urges NDIC To Expedite Action On Amendment Act

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has urged the Nigeria Deposit Insurance Corporation to intensify action with the National Assembly to ensure speedy passage of the NDIC Amendment Act.

This is just as she said that the Corporation is one of the few agencies of the government that has been consistent in the remittance of its 80 percent operating surplus into Consolidated Revenue Fund.

Ahmed said these on Thursday in Abuja when she performed the inauguration of Executive Director (Corporate Services) of NDIC Mrs. Emily Chidinma Osuji.

The federal government has been experiencing difficulties with most MDAs in complying with the remittance of 80 percent of their operating surplus into Consolidated Revenue Fund as required by the Fiscal Responsibility Act.

About 122 agencies of government are required to pay the operating surpluses into the Consolidated Revenue Fund of the Federal Government based on the Fiscal Responsibility Act 2007.

The Act requires listed government agencies to remit 80 per cent of their annual operating surpluses to the CRF.

The operating surplus is made up of revenues accruing to government agencies above what they are approved to spend at the beginning of the budget year.

Some of these agencies are the Petroleum Products Pricing Regulatory Agency, the CBN, the Nigerian Ports Authority, the Federal Airports Authority of Nigeria, the Nigeria Postal Service, the NCC, the National Inland Water Ways Authority, and the National Information Technology and Development Agency.

There is also the Nigeria Airspace Management Agency, the National Examination Council, the Nigerian Television Authority, the Nigerian Shippers’ Council, the National Health Insurance Scheme, the National Pension Commission, the Corporate Affairs Commission and the Standards Organisation of Nigeria, among others.

Over the years, many of these agencies have been underpaying revenue into the coffers of government.

THE WHISTLER had reported that about 50 government-owned enterprises generating independent revenue did not remit their operating surpluses running into over N2tn.

Speaking at the inauguration of the NDIC ED, Ahmed lauded the Corporation’s management as being among the few MDAs that consistently remits its 80 percent operating surplus into the Consolidated Revenue Fund.

She described NDIC as an important component of the nation’s financial safety net at the forefront of activities that promotes financial system stability through its contribution to financial inclusion and other economic policies of government.

She said, “The Corporation has been consistent in remitting its 80 per cent operating surplus to the Consolidated Revenue Fund of the government among many other milestones achieved. I urge you to keep this good track record.

“I wish to seize this opportunity to once again draw the attention of the members of the board and management to some of the issues which were highlighted at the inauguration of the Managing Director and the Executive Director (Operations) on 11th March, 2021 which are as follows: to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006.

“The Ministry is ready and willing to assist in any direction. The management should continue to provide good working conditions and equip staff to carry out the mandate of the Corporation even in difficult circumstances like during the COVID 19 pandemic.

“Members should note that there are guidelines, regulations and circulars that guide the operation and conduct of governing boards of federal government parastatals, agencies and commissions and should be strictly adhere to frequency of meetings; entitlements of board members, travel guidelines and related matters.”

The Minister expressed gratitude to the former Executive Director (Corporate services) Abiola Edewor for her contributions to the NDIC.

She urged Osuji as current Executive Director (Corporate Services) to bring her vast wealth of experience to bear in discharging her duties.

In her remarks, the NDIC Board Chairman Mrs. Ronke Sokefun commended the Minister for bringing gender balance into the NDIC operations.

She pledged to take the corporation to the highest level by assuring the Minister of an improved remittance of operating surplus into Consolidated Revenue Fund.