CBN denies allegation of non-payment of operating surpluses for 5 years – Nairametrics

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The Central Bank of Nigeria (CBN) has responded to the Senate’s claim that it has not paid 80% of its operating surplus into the Consolidated Revenue Fund (CRF) account over the past 5 years.

In its clarification, the CBN denied the allegation made by the Chairman of the Senate Finance Committee, Senator Solomon Adeola (APC, Lagos), claiming that as a law-abiding government agency, the umbrella bank n has at no time defaulted on payment. of its operating surplus.

This disclosure was made by CBN Deputy Governor for Economic Policy Dr Kingsley Obiora during the Senate Public Hearing on the Medium Term Expenditure Framework (MTEF) 2022-2024 in Abuja, according to NAN.

What the Deputy Governor of CBN said

Obiora said that 80% of the operating surpluses of the umbrella banks had always been remitted to the FIU on an annual basis.

The senior bank official explained that the disbursement was made in accordance with the provisions of the Fiscal Responsibility Act (FRA) and not the CBN Act, which provided for a disbursement of 75 percent.

He said: With all due respect to the Senate and in particular to this committee, the CBN, as a law-abiding government agency, has at no time failed in the remittance of its operating surplus. We do this every year, as required by the Fiscal Responsibility Act, despite the fact that the CBN Act requires us to pay only 75 percent.

In his own reaction, Senator Adeola asked the CBN to produce documentary evidence to prove his remittances to the committee on September 3. He also urged apex bank to produce its audited account for the past five years.

In case you missed it The Senate on Wednesday accused state-owned companies of making the country’s current drop in revenue worse by embarking on a spending spree instead of pouring the appropriate funds into the federation’s account. The chairman of the Senate Finance Committee, Senator Solomon Adeola, who brought the accusation, noted with concern that big spenders like the Central Bank of Nigeria and the Nigerian National Petroleum Corporation, among others, have yet to remitted their operating surplus to the Consolidated Revenue Fund. counts over the years.

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