CBN remits N80bn to Federation account

By BABAJIDE KOIMOLAFE

The Central Bank of Nigeria, CBN, will remit N80 billion to the federation accounts, while it accounts for 70 per cent of the total remittances by MDAs to the government treasury.

The Accountant General of the Federation, Mr. Jonah Oguniyi Otunla disclosed this yesterday at the public hearing by the House of Representatives Committee on Finance investigating MDAs remittances to the government treasury.

Also speaking at the hearing, the CBN Deputy Governor, Corporate Services, Alhaji Suleiman Barau, who represented Governor Sanusi Lamido Sanusi, disclosed that the CBN had remitted in the  interim, the sum of N50billion for 2012, and will further remit a project sum of N30billion, making a total sum of N80 billion for 2012 fiscal year.

He, however, reiterated that the CBN should not be seen as a revenue generating agency; noting that over 85% of its revenue was used for conduct of monetary policy operations (mopping up of liquidity).  He also stated that already the CBN had spent about N240 billion on monetary policy operations.

The House Committee on Finance applauded the CBN as one of the few MDAs and agencies that religiously remit their operating surpluses to the government treasury.

The Committee Chairman, Hon. Abdulmumin Jibrin, was so elated that he said that from next fiscal year, agencies that will perform very creditable will be awarded a prize.