CBN Contradicts Senate Over Remittances to Consolidated Revenue Fund

THE figures released by the Central Bank of Nigeria, (CBN), on the Consolidated Revenue Fund over the past five years contradicted the Senate Committee on finance over the apex bank’s remittances.

During an interactive session with revenue generating agencies, the Chairman of the Committee, Solomon Olamilekan Adeola, 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, Friday 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.”

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

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.

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