2nd September, 2021
The Central Bank of Nigeria (CBN) has denied the allegation that it failed to remit 80 percent of its operational surpluses into the Consolidated Revenue in the last five years.
Dr. Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, said this at the senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja.
Obiora was reacting to an allegation by Sen. Solomon Adeola (APC-Lagos) that the CBN has not remitted its operational surpluses for five years.
He said 80 percent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.
Obiora explained that the remittance was done in line with the provisions of the Fiscal Responsibility Act (FRA) and not that of the CBN Act, which stipulated 75 percent remittance.
“With due respect to the Senate and in particular to this committee, the CBN, as a law-abiding government agency, has not at any time defaulted in the remittance of its operational surpluses.
“We do this on a yearly basis as required by the Fiscal Responsibility Act, despite the fact that the CBN Act requires us to remit 75 percent only, ” he said.
Responding, Adeola urged the CBN to produce documentary evidence to prove its remittances to the committee on Sept. 3.
He also urged the apex bank to produce its audited account for the last five years.
House Committee on Finance on the 2022-2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) had earlier accused CBN of failing to submit its audited account to the Office of the Accountant General of the Federation (OAGF) for scrutiny, since 2010.
The Chairman of the House Committee on Finance Rep. James Faleke also said the apex bank failed to remit about N800 billion to the Federal Government.
Faleke, however, ordered the CBN to present its audited account to the Office of the Accountant General of the Federation (OAGF) for scrutiny.