By Joseph Edegbo :
Central Bank of Nigeria, CBN says it has been remitting 80 percent of its operational surpluses
into the Consolidated Revenue Fund, CRF in the last five years.
The Deputy Governor of CBN in-charge of Economic Policy, Dr. Kingsley Obiora stated this while debunking the allegation that the Apex bank had not been remitting the operational surpluses.
The reaction was at the interactive session of seven committees of the Senate led by the Committee on Finance with the federal government revenue generating agencies on the 2022-2024 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP in Abuja Tuesday.
The Senate had through its chairman, Committee on Finance, Senator Solomon Adeola (APC Lagos West) at an interactive session with the revenue generating agencies, pointedly accused the CBN of not remitting its operational surpluses within the last five years.
Senator Adeola in making the allegation said: “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 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.”
But in swift reaction, the Deputy Governor of CBN debunked the allegation by declaring that 80 percent of the operational surpluses of the apex bank have always been remitted to the CRF on yearly basis .
The remittances, Obiora explained is done in line with the provisions of the Fiscal Responsibility Act and not that of the CBN Act which stipulates 75 percent remittance.
“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 percent only,” he said.
Chairman of the committee, however, directed the CBN to produce documentary evidence of its remittances within the last five years unfailingly by tomorrow (Friday).
Senator Adeola 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, FSP being considered by the committee.
“He who comes to equity must come with clean hands. Since you have declared before the whole world that CBN has been remitting 80% operational surpluses into CRF, it is necessary that we see the documentary evidence, as that would lay the controversy to rest.
“Let’s have these documents latest by 11:00am on Friday,” he directed.
Attempt by the committee chairman to drag the Director General of Budget Office, Mr. Benjamin Akabueze to confirm or dispute the claims of the CBN proved abortive as Akabueze said verification to that effect, will be determined by an ongoing process.