The Deputy Governor of CBN in charge of Economic Policy, Dr Kingsley Obiora on Wednesday declared that 80% of the Apex bank’s operational surpluses, have always been remitted to the Consolidated Revenue Surpluses (CRF) on yearly basis.
Indeed, the Central Bank of Nigeria (CBN), debunked allegation of unremitted 80% of operational surpluses into the Consolidated Revenue Fund ( CRF), levelled against it by the Chairman, Senate Commitee on Finance, Senator Olamilekan Adeola ( APC Lagos West).
The declaration by CBN followed Senator Adeola’s allegation against the Apex bank at an interactive session of seven Committees of the senate with revenue generating agencies.
The lawmaker pointedly accused the CBN of not remitting its operational surpluses within the last five years.
According to Adeola “Nigeria wouldn’t have been having problem of inadequate revenue to fund its annual budget if revenue generating agencies, were remitting 80% of their operational surpluses into the CRF as required by the Fiscal Responsibility Act.
“Specifically, the Central Bank of Nigeria 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” Adeola said.
But the CBN Deputy Governor stated that the remittance is done in line with the provisions of the Fiscal Responsibility Act and not that of the CBN Act which stipulates 75% remittance .
Obiora who represented the Governor, Godwin Emefiele said : “With all due respect to the Senate and in particular, this committee, 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% only .
“The Ministry of Finance, the office of Accountant General of the Federation, Auditor General of the Federation and other relevant agencies, can testify at anytime that CBN is their friend as far as remittance of such revenue is concerned”, he said.
Adeola however directed the CBN to produce documentary evidence of its remittances within the last five years unfailingly Friday this week .
He also told the Apex Bank to 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 .
