CBN faults Senate over allegation of unremitted operational surpluses

He said the CBN had been remitting 80% of its operational surpluses to the CRF on yearly basis

The Central Bank of Nigeria has faulted the Senate over the allegation of unremitted 80% of operational surpluses into the Consolidated Revenue Fund (CRF) within the last five years.

Speaking in Abuja at an interactive session on 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper, the chairman of the Senate Committee on Finance, Adeola Olamilekan, said: “Specifically, the Central Bank of Nigeria which has a yearly budget of N2.3trn has not remitted any revenue from its operational surpluses into the Consolidated Revenue Fund within the last five years”.

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But the Deputy Governor of the CBN in charge of Economic Policy, Kingsley Obiora, dismissed the allegation.

He said the CBN had been remitting 80% of its operational surpluses to the CRF on yearly basis.

Olamilekan, however, directed the CBN to provide his committee with documentary evidence of its remittances within the last five years Friday this week.

He asked the CBN to produce its audited account in the last five years as well as its position paper on monetary policy point of view on the 2022-2024 MTEF/FSP being considered by the committee.