Reps panel tackles CBN over N801bn 'unremitted' revenue

Reps panel tackles CBN over N801bn ‘unremitted’ revenue

August 16

18:25 2021

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A house of representatives committee has tackled the Central Bank of Nigeria (CBN) over N801 billion unremitted revenue into the federation account.

At an interactive session organised by the committee on finance on the 2022-2024 medium term expenditure framework/fiscal strategy paper (MTEF/FSP) for ministries, departments and agencies (MDAs) on Monday in Abuja, the lawmakers alleged that the CBN failed to remit N801 billion outstanding surplus between 2010 and 2015.

Speaking at the event, James Faleke, chairman of the committee, said, “we have on records that outstanding surplus from 2010 to 2015 from CBN is about N801 billion. You have refused to reconcile your account with the accountant-general office, thereby having a gap of over N800 billion.”

Faleke asked Idris Ahmed, accountant-general of the federation, to further explain from his record the unremitted figures by the CBN.

Ahmed, who was represented by Alexander Adeyemi, director, revenue and investment, said the CBN failed to remit its “operating surplus” despite different letters requesting the payment.

“We have also written for your different account for 2016 up to 2020, CBN has not forwarded to the office of the accountant-general to the federation. So far from the earlier engagement we have had with you and from 2010 to 2015, you are owing N801,181,379 to the treasury as operating surplus that you have not paid back,” he said.

However, Edward Adamu, CBN deputy governor, corporate service, who admitted that the apex bank made profits, requested more time to reconcile the figure with the office of accountant-general.

“We do sir, but in line with our Act, whatever surplus we have in line with the Act we remit to government at the end of every year,” he said.

“Could you pls give us … let’s sit with the accountant-general office. The position we have is different but I’m sure it is something we can sit down and come back to this house and give you feedback”.

The committee ruled that the CBN be given two weeks to reconcile the account and return to the committee.