Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,773,585 members, 6,605,358 topics. Date: Saturday, 27 November 2021 at 07:38 AM

CBN Denies Non-remittance Of 80% Surpluses - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Denies Non-remittance Of 80% Surpluses (67 Views)

World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria / COVID-19: CBN Denies Charging Fees To Process Loan Requests / FG Makes N1.27tn From Operating Surpluses In 10 Years (2) (3) (4)

(1) (Reply)

CBN Denies Non-remittance Of 80% Surpluses by postbox: 6:32pm On Sep 02
The Central Bank of Nigeria (CBN) has denied allegation that it failed to remit 80 per cent 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 per cent 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 per cent 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 per cent 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.


(1) (Reply)

Wire Ch*cks,and Greendot Account Avail Sell / Talented But Stuck / Why Should Plumbers Option For Digital Internet Marketing Strategies

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 27
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.