Don't Miss

CBN Responsible For Over 70% of Total Remittances to Govt

By on December 14, 2012


In the wake of corruption in the country, monies called “operational surpluses”meant to be returned to the treasury are used for personal enrichment through fraudulent means. Recently remittances by Ministries, Departments, and Agencies (MDAs) to the government coffers have considerably declined.

The Central Bank of Nigeria (CBN) accounts for 70 per cent of remittances by Ministries, Departments, and Agencies (MDAs) to the government coffers.

This declaration was made by the Accountant General of the Federation, Mr. Jonah Oguniyi Otunla while speaking at a public hearing conducted by the House of Representatives Committee on Finance investigating MDAs remittances.

The committee highly praised the CBN, tagging it as one of the few MDAs and agencies that dutifully forward their operating surpluses to the treasury.

The committee Chairman, Abdulmumin Jibrin, said from the next fiscal year, agencies that perform well will be awarded a prize.

The CBN Deputy Governor, Corporate Services, Alhaji Suleiman Barau, who represented Governor Sanusi Lamido Sanusi, revealed that the CBN will remit N80 billion for the 2012 fiscal year, that it has remitted N50billion already and will remit N30billion more.

The Governor however clarified that the CBN should not be seen as a revenue-generating agency, adding that over 85 per cent of its revenue was meant for regulations of policies.