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CBN Tops List Of Revenue Generation For 2012 - Business - Nairaland

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CBN Tops List Of Revenue Generation For 2012 by supereagle(m): 7:44pm On Dec 14, 2012
Jonah Otunla, Accountant General of the Federation (AGF), on Thursday rated Central Bank of Nigeria (CBN) as the highest revenue generating agency of the Federal Government for the year 2012 with N114.2 billion paid as operating surplus into the consolidated account as at November 2012.
This represents 75 percent of total revenue realised from the Federal Government owned parastatals.

The summary of the operating surplus presented to the House Committee on Finance showed zero remittance between 2009 and date from Nigerian National Petroleum Corporation (NNPC), Nigeria LNG Limited, Federal Radio Corporation of Nigeria (FRCN), National Film and Censors Board, National Examination Council (WAEC), Federal Housing Authority (FHA), NESREA and National Hospital.

He said, “When we were pressed to get money in the third quarter to source money for the fourth quarter, from about N145 billion operating surplus that we got, CBN paid N114 billion as operating surplus for 2011 representing about 70 percent”. He added that the apex bank and Nigerian Television Authority (NTA) have complied in the payment of operating surplus into the consolidated account as at when due.

Otunla who described non-complying agencies as engaging in “financial rascality”, noted that the apex bank generated N26.399 billion in 2009, N39.715 billion in 2010 and N28.053 billion in 2011 totalling N208,403,133,083.75 between 2009 and third quarter of for 2012.

The documents showed that NPA paid N15 billion in 2012, N6.802 billion paid by NCC, N5.031 billion by NDIC while total sum of N185 million was paid by NAFDAC.

Summary of the spectrum fees paid by NCC for the period of January to October 2012 was N26.86 billion; BPE generated N20.11 billion from privatisation proceeds and additional sum of N21,741,500 from rent on No 15 Ijora Cause way property within the period under review.

Summary of dividend paid by Federal Government owned companies between January 2009 to October 2012 showed that Bank of Industry generated N3,978,288.78; Transcorp Hilton generated N5.5 billion while Capital Hotels generated N844,578.07.

In his presentation, Suleiman Barau, CBN Deputy Governor disclosed that the bank has so far paid the sum of N50 billion in the interim and projected to pay additional sum of N30 billion into the CRA for 2012 fiscal year, against the total sum of N64 billion paid in 2011.

http://www.businessdayonline.com/NG/index.php/banking-a-finance/49040-cbn-tops-list-of-revenue-generation-for-2012

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