THE Central Bank of Nigeria, CBN, yesterday contradicted the Senate Committee on finance over the apex bank’s remittances to the Consolidated Revenue Fund, CRF, over the past five years.

During an interactive session with revenue generating agencies, the Chairman of the Committee, Solomon Olamilekan Adeola, APC Lagos West, had stated that the CBN was not remitting its operational surpluses within the last five years.

However, the CBN’s Deputy Governor in charge of Economic Policy, Dr Kingsley Obiora, yesterday declared that 80 per cent of the apex bank’s operational surpluses have always been remitted to the CRF on yearly basis.

According to Obiora, the remittance is done in line with the provisions of the Fiscal Responsibility Act and not that of the CBN Act which stipulates 75 per cent
remittance.

He stated: “The CBN, as a law abiding government agency, had not at anytime, defaulted in the remittance of its operational surpluses. We do this on yearly basis as required by the Fiscal Responsibility Act despite the fact that the CBN Act requires us to remit 75 per cent only.”

Adeola while raising the allegation had stated: “Nigeria wouldn’t have been having problem of inadequate revenue to fund its annual budget if revenue generating agencies were remitting 80 percent of their operational surpluses into the CRF as required by the Fiscal Responsibility Act.

“Specifically, the CBN which has yearly budget of N2.3trillion, has not remitted any revenue from its operational surpluses into the Consolidated Revenue Fund within the last five years.”

Following the statement by Obiora, the Committee directed the apex bank to produce documentary evidence of its remittances within the last five years unfailingly tomorrow.

Adeola said the apex bank should produce its audited account in the last five years as well as its position paper on monetary policy point of view on the 2022 – 2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper being considered by the Committee.


https://www.vanguardngr.com/2021/09/cbn-contradicts-senate-over-remittances-to-consolidated-revenue-fund/