CBN tackles Senate over alleged unremitted operational surpluses

By Eyo Nsima

The Central Bank of Nigeria, CBN, Wednesday, challenged the Senate over allegation of unremitted 80 per cent of operational surpluses into the Consolidated Revenue Fund, CRF, in the past five years.

The Deputy Governor of CBN in charge of Economic Policy, Dr Kingsley Obiora, who denied the allegation, explained that 80 per cent of the CBN’s operational surpluses have always been remitted to the CRF on yearly basis.

The Senate had through its Chairman; Committee on Finance, Solomon Olamilekan Adeola, during an interactive session with revenue generating agencies openly accused the apex Bank of not remitting its operational surpluses.

But responding, Obiora, said, “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.”

He added: “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.”