CBN Denies Failure to Remit 80% Operational Surpluses to CRF

September 2, 2021
Kingsley Obiora Deputy Governor CBN

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has denied the allegation put to it by the Senate that it failed to remit 80 per cent of its operational surpluses into the Consolidated Revenue Fund (CRF) in the last five years.

This came from Mr Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, at the senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja.

Mr Obiora was reacting to an allegation by Senator Solomon Adeola that the CBN has not remitted its operational surpluses for five years.

He said the standard 80 per cent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.

The CBN Deputy Governor explained that the remittance was done in line with the provisions of the Fiscal Responsibility Act (FRA) and not that of the CBN Act, which stipulated 75 per cent remittance.

“With due respect to the Senate and in particular to this committee, the CBN, as a law-abiding government agency, has 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 per cent only,” he said.

Responding, Mr Adeola urged the CBN to produce documentary evidence to prove its remittances to the committee on September 3.

He also urged the apex bank to produce its audited account for the last five years.

The upper chamber also asked that the country’s financial authority present 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.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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