Budget defence: CBN overshot its 2013 estimates by N326bn

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ABUJA — Deputy Governor in charge of Corporate Services, Central Bank of Nigeria, CBN, Suleiman Barau, yesterday said that the apex bank overshot its 2013 budget by over N326 billion.

Barau made the revelation while defending the 2014 budget of the CBN before the House of Representatives Committee on Banking and Currency.

According to Barau, CBN budgeted N413,373.89 billion as its expenditure for 2013 but ended up spending N739,640.63 billion.

However, in a bid to justify the excess expenditure, Barau also told the committee that the money was spent on “liquidity management” of the country’s economy.

The bank, according to the budget performance presentation earmarked N180 billion for “liquidity management?” but ended up spending N536.6 billion.

Other highlights of the 2013 budget showed that total income to CBN amounted to N600,533.65 billion, while interest on foreign investments amounted to N80,175.29 billion; interest on domestic investments, N388,208.58 billion, just as interest on domestic loans and advances amounted to about N13,540.45 billion. Others were placed at N118,609.33 billion.

Meanwhile, the CBN in its 2014 budget projected N553 billion as income while N377.9 billion was the  expected expenditure.

In his comments, the Chairman of the Committee on Banking and Currency, Jones Onyereri ordered the bank to present the comprehensive nominal rolls of all its staff to the committee.

He also demanded the “administrative expenses” by the banks in its 2013 budget which indicated that member subscription, subvention and donation cost N1.8 billion, Corporate Affairs and Recreation/Sport sponsorship/NYSC, nation expenses cost N495.5 billion.

CBN stated that it currently has 661 staff on its payroll.

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