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Senate, CBN Butt Heads Over Revenue Remittance

Senate, CBN Butt Heads Over Revenue Remittance

The Senate has said that the Central Bank of Nigeria (CBN) has failed to remit its revenues from its operational surpluses into the Consolidated Revenue Fund (CRF) in five years.

Making this submission was the representative, Lagos West and Chairman Senate Committee on Finance, Solomon Adeola Olamilekan, during a meeting with the heads of federal revenue agencies.

Olamilekan said that the country was plagued with revenue leakages due to agencies failing to remit their revenues as and when due.

He said, “Nigeria wouldn’t have been having problem of inadequate revenue to fund its annual budget if revenue-generating agencies, were remitting 80% of their operational surpluses into the CRF as required by the Fiscal Responsibility Act.

“Specifically, the Central Bank of Nigeria which has a yearly budget of N2.3trillion has not remitted any revenue from its operational surpluses into the Consolidated Revenue Fund within the last five years.”

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Responding to the claims, the Deputy Governor, Economic Policy, Kingsley Obiora, said that the apex bank had continued, without fail, to remit its revenue to the CRF.

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.

“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.”

Olamilekan directed the CBN to submit supporting documents by Friday. He asked that the CBN made available its audited account within the last five years.

He said, “He who comes to equity must come with clean hands. Since you have declared before the whole world that CBN has been remitting 80% operational surpluses into CRF, it is necessary that we see the documentary evidence, as that would lay the controversy to rest.

“Let’s have these documents latest by 11:00 am on Friday.”

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Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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