Dr Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, said this at the senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja.
Obiora was reacting to an allegation by Sen. Solomon Adeola (APC-Lagos) that the CBN has not remitted its operational surpluses for five years.
He said 80 per cent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.
Obiora 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, 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.
Copyright 2022 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
ROYAL NEWS eCopy March 28, 2022
- NiMet predicts cloudy, sunny weather conditions for three days
- Buhari hails Army over professionalism, bravery
- Police graduates 467 constables in Kwara
- Estate agent arraigned in court over alleged N3.4m fraud
- Photo News: Defence Minister, Salihi Magashi visits Kuje prison
- KUJE ATTACK: MINISTER OF DEFENCE INSPECTS MEDIUM SECURITY CUSTODIAL CENTRE
- 2022 Ilorin Grand Durbar: Kwara govt expresses more supports
- Bandits, vigilantes clash kill 12 persons in Plateau
- FG set to recruit 1million Nigerians for 2023 census exercise
- Police re-arrest jailbreaker in Ondo State