CBN Blames Senate Over ‘Unremitted Operational Surpluses’

CBN Blames Senate Over ‘Unremitted Operational Surpluses’

The Central Bank of Nigeria (CBN) has chastised the Senate for alleging that 80 percent of operating surpluses in the Consolidated Revenue Fund (CRF) were not repatriated in the last five years.

iexclusive News Nigeria reports that the chairman of the Senate Committee on Finance, Adeola Olamilekan, remarked at an interactive session on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja:

“In particular, the Central Bank of Nigeria, which has an annual budget of N2.3 trillion, has not submitted any money from its operational surpluses to the Consolidated Revenue Fund in the last five years.”

This online news outlet understand that the accusation was refuted by Kingsley Obiora, the CBN’s Deputy Governor in charge of Economic Policy.

He said that the CBN has been sending the CRF 80 percent of its operational surpluses on a yearly basis.

The CBN, on the other hand, has been ordered by Olamilekan to give documentary evidence of its remittances in the last five years by Friday of this week.

He demanded that the CBN disclose its audited financial statements for the previous five years, as well as its monetary policy position paper on the 2022-2024 MTEF/FSP under consideration by the committee.