The Central Bank of Nigeria on Tuesday faulted the claim of the Senate over poor remittances of operational surpluses into the Consolidated Revenue Fund (CRF) by the apex bank.
Senator representing Lagos West and Chairman Senate Committee on Finance, Solomon Adeola Olamilekan at the Red Chamber interactive session with heads of federal government revenue agencies alleged that the CBN has not been remitting its operational surpluses within the last five years.
He said:” 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 a yearly budget of N2.3trillion has not remitted any revenue from its operational surpluses into the Consolidated Revenue Fund within the last five years.”
His claim was however dismissed by the Deputy Governor of CBN in charge of Economic Policy, Dr cbn, who maintained that 80% of the apex bank’s operational surpluses have always been remitted to the CRF on yearly basis.
He noted that remittance has been done, consistently by the apex bank in deference to provisions of the Fiscal Responsibility Act, as against the CBN Act which stipulates 75% remittance.
“With all due respect to the Senate and in particular, this committee, the CBN as a law-abiding government agency, had 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% only.”
Senator Adeola however directed the CBN to produce documentary evidence of its remittances within the last five years unfailingly on Friday.
He equally asked 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.
“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 11:00 am on Friday,” Senator Adeola directed.
When asked by the Chairman Senate Committee on Finance to corroborate or dispute the CBN claim, Director General of Budget Office, Mr Benjamin Akabueze refused to be dragged into the argument as he merely said the true position would be determined by the ongoing process.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services
President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers… CBN accuses Senate of raising false alarm CBN accuses Senate of raising false alarm CBN accuses Senate of raising false alarm CBN accuses Senate of raising false alarm.
and then