The Nigeria Deposit Insurance Corporation (NDIC) has remitted about N950 billion into the Federal Government’s Consolidated Revenue Fund over the years and expects the figure to continue rising as its operations and financial position strengthen.
Speaking at an event in Abuja, Thompson Oludare Sunday, NDIC managing director, said the corporation remains self-funded through bank insurance premiums and investment income while continuing to contribute significantly to government revenue.
He said the NDIC transferred about N274 billion into the treasury last year alone.
“I think we have contributed about N950 billion to the CRF and even our contribution has been trending northward. Last year, it was around N274 billion if I’m right. Hopefully, this year will be better than that,” Sunday said.
The agency’s growing remittances come as Nigeria seeks to expand non-oil revenue sources to support public finances. Unlike many government agencies that depend on budgetary allocations, the NDIC finances its operations independently while paying annual surpluses into the government’s account.
