Non-Payment Of 80% Operating Surplus to The Consolidated Revenue Fund (CRF)

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

National Insurance Commission

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦1,054,893,055.20

Context/Observation

Audit observed that in the year 2017 Audited Account, the Commission had a surplus of N1,318,616,319.00, 80% of which is N1,054,893,055.20. This amount ought to have been paid to the CRF as operating surplus in line with the provisions of the Fiscal Responsibility Act, 2007. There was no evidence to show that 80% was transferred to CRF.
This infraction was due to the failure of the Commissioner of Insurance to strictly comply with the provision of the Fiscal Responsibility Act 2007 guiding the remittance of operating surplus by agencies of government.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Commissioner of Insurance is required to remit the sum of N1,054,893,055.20 being Operating Surplus for 2017 accounts, into the CRF and provide evidence of compliance to the Public Account Committee of the National Assembly.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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