CBN Faults Senate Over Unremitted Operational Surpluses

The central bank of Nigeria, CBN, says it has remitted 80% of of its operational surpluses to the consolidated revenue fund , CRF..

The deputy Governor of the CBN in charge of Economic Policy, Doctor Kingsley Obiora stated this in Abuja at a three_ day public hearing on the 2022 to 2024 Medium Term Expenditure Frame work MTEF and Fiscal Strategy Paper, FSP.
Doctor Obiora explained that the
remittance was in line with the provisions of the Fiscal Responsibility Act and not that of the CBN Act which stipulates 75% remittance .

He told the Senate joint committee that the
CBN as a law abiding government agency , had not at anytime, defaulted in the remittance of its operational surpluses .

Earlier, the chairman of the Senate joint committee , senator Solomon Olamilekan, had alleged that most revenue generating agencies of government expend their surpluses with out remittance to the CRF…
from James Itodo….

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