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CBN clarifies reports of non-remittance of 80% surpluses into Consolidated Revenue Fund

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

Dr Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, made the denial at the Senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja on Wednesday.

This was in response to an allegation by Sen. Solomon Adeola (APC-Lagos) that the CBN has not remitted its operational surpluses for five years.

According to Obiora, 80 per cent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.

The CBN chief also 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.

Read also: CBN gets court’s order to block accounts of fintech companies

“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, Adeola urged the CBN to produce documentary evidence to prove its remittances to the committee on Sept. 3.

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

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