The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has emphasised the importance of implementing Performance-Based Budget System, saying its adoption has helped the corporation to record optimum success in the performance of its 2016 budget.
He observed that despite the economic challenges in the country, the agency had witnessed remarkable achievements due to the implementation of the PBBS on its 2016 budget.
Ibrahim stated this during an oversight visit by the Senate Committee on Banking, Insurance and Other Financial Institutions to the corporation’s head office in Abuja, the agency said in a statement on Sunday.
He reiterated that the NDIC remained committed to the protection of depositors’ fund through effective supervision of banks in conjunction with the Central Bank of Nigeria, and prompt payment of insured funds to the depositors of closed banks.
According to him, the three major capital projects under the corporation’s budget are: a nine-storey head office annex building in Abuja; a 17-storey Lagos office in Ikoyi; and a nine-storey Lagos training academy in Lekki.
Ibrahim noted that the projects had been approved by the Federal Executive Council.
The committee Chairman, Sen. Rafiu Ibrahim, commended the corporation for its regular remittance of its operating surplus into the Consolidated Revenue Fund in line with the provisions of the Fiscal Responsibility Act of 2007.
Responding to the corporation’s presentation titled: ‘Budget implementation for the third quarter which ended September 30, 2016’, Ibrahim expressed satisfaction on the NDIC’s consistent remittance of 80 per cent of its operating surplus to the CRF at the end of each fiscal year.
“We have to commend the NDIC on the surplus you transfer to the Consolidated Revenue Fund. It is very excellent. I will commend you on behalf of the Nigerian people,” he said.
Ibrahim said the oversight visit was informed by the need to assess the level of implementation of the corporation’s 2016 budget with a view to identifying areas of challenges that required the committee’s support.
