OrderPaperToday – The Central Bank of Nigeria (CBN) has tackled the Senate Committee on Finance over alleged non-remittance revenues into the Consolidated Revenue Fund (CRF) of the federation within the last five years.
This happened during an interactive session between the Committee and revenue generating agencies on Wednesday at the National Assembly.
Chairman of the Committee, Sen. Solomon Adeola Olamilekan (APC, Lagos West) 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% of their operating 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 operating surpluses into the Consolidated Revenue Fund within the last five years.”
But in swift reaction, Deputy Governor of CBN in charge of Economic Policy, Dr. Kingsley Obiora, debunked the allegation by declaring that 80% of the apex bank’s operating surpluses have always been remitted to the CRF on yearly basis.
He explained that remittances are done in line with the provisions of the Fiscal Responsibility Act and not that of 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 anytime, defaulted in the remittance of its operating 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”, he said.
Sen. Olamilekan 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.
“He who comes to equity must come with clean hands. Since you have declared before the whole world that CBN has been remitting 80% operating 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 stated.