Economics

NIGERIA: CBN remits N186bn to Consolidated Fund

GOVERNOR of the Central Bank of Nigeria, CBN, Mallam Lamido Sanusi GOVERNOR of the Central Bank of Nigeria, CBN, Mallam Lamido Sanusi has said the apex bank remitted over N186.9 billion in 12 years into the Consolidated Revenue Fund.

Speaking at a commendation meeting held, yesterday, in honour of the best revenue generating agencies, Sanusi said: “We have a tradition of paying all our IGR since 1999 and within this period we paid N186.9 billion.”

House committee on Finance, at the meeting, singled out CBN, Federal Road Safety Commission, FRSC, and Nigerian Television Authority for praise for being up to date in their revenue remittances to the Federal Government.

It, however, accused the Nigerian National Petroleum Corporation, NNPC, of not running an open system, saying the corporation has questions to answer about how it manages revenues that it is generating.

The company was scheduled to appear before the Finance Committee but failed to show up. No reason was given for the absence.

Presenting an award to the three agencies, Chairman House Committee on Finance, Mr. Jibrin Abdulmumuni, noted that CBN, FRSC and NTA deserved the commendation of Nigerians for being the only agencies that have religiously remitted their revenues to the Consolidated Account as prescribed by the Fiscal Responsibility Act.

Figures remitted to the Consolidated Revenue Fund by the three agencies are: NTA, N1.8 billion, FRSC, N4.9 billion and CBN N186.9 billion.

Sanusi, FRSC Corps Marshall, Mr. Osita Chidoka and NTA Director-General, Mr. Musa Mayaiki were present at the event.

Abdulmumuni lamented that most agencies were violating the Fiscal Responsibility Act by refusing to remit revenues generated. According to him, this had affected the projection of the Federal Government.

He particularly criticised NNPC for failing repeatedly to remit monies due to the Federal Government’s coffers, arguing that such act was not in the best interest of the economy. He said the House was ready to praise any organisation or institution that respects the laws of the country.

Abdulmumuni said: “We are having a handshake with these three agencies because they are law-abiding.

“We will not shy away from recognising excellence.”

Responding Chidoka, Sanusi and Maiyaki expressed surprise that they were recognised by the House.

“For the first time this House is not inviting us to hang us,” Chidoka said, promising to continue to work for the growth of the country.

He disclosed that some African countries had invited FRSC to come and set up a similar commission in their countries.

In his speech, Sanusi expressed appreciation for the award and said CBN was committed to transparency and sound financial health of Nigeria. He disclosed that the apex bank had reduced inflation in the country to nine percent.

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