- N11trn difference on FG revenue collected
The House of Representatives has summoned the Central Bank of Nigeria (CBN), Mr Yemi Cardoso alongside other agencies involved over an alleged non-remittance of N5 trillion operating surplus and N11 trillion revenue collected belonging to the federal government.
This followed the adoption of a motion moved by the Chairman, Public Accounts Committee (PAC), Hon. Bamidele Salam at the Plenary on Wednesday.
The motion arose from the ongoing investigation by the Public Accounts Committee into the Auditor General’s Report of 2022 financial year and the administration of the Remita Revenue Collection System by the Central Bank of Nigeria, covering the period from 1 March 2015 to 30 April 2016.
Presenting the motion, he stated that, the Committee uncovered that, the CBN has an undisputed liability of ₦5.2 Trillion, in unpaid operating surpluses due to the FGN for the years ended 2016 to 2022, which has remained unremitted to date.
He added, “Refunds of Collected Charges by the Central Bank of Nigeria. Amount Collected by the Central Bank of Nigeria: ₦954,302,576.67; Amount Refunded by the Central Bank of Nigeria: ₦0.00; Difference/Variation: ₦954,302,576.67; Computed Interest at Monetary Policy Rate (MPR) of 27.25%: ₦2,329,027,728.92; Total Amount Due for Refund: ₦3,283,330,305.05”.
The PAC Chairman further added that, the Committee discovered discrepancy in the total collections claimed by the CBN.
According to him, the CBN claim of total collections as per data submitted amounts to ₦8,736,481,203.58 while PAC-Computed CBN collections from the same data was ₦19,834,886,731.77 showing a difference, variation of ₦11,098,385,528.19.
He further added, “The discovery of a migration discrepancy amounting to ₦2,686,325,119,825.10 being outstanding and payable to the Federal Government’s Assets Recovery Account
“Cumulatively, the Committee has uncovered that the Central Bank of Nigeria is indebted to the Federal Government of Nigeria in the sum of over ₦11 trillion, arising from the foregoing infractions and discrepancies.
“Despite several formal communications and invitations extended to the Governor of the Central Bank of Nigeria by the Public Accounts Committee to appear, provide explanations, and remit the outstanding amounts into designated Government accounts, the Central Bank of Nigeria has failed, refused, or neglected to honour the invitations or effect the required remittances as directed by the Committee”.
The lawmaker lamented that, the CBN is doing this at a time when the nation is confronted with acute revenue shortages, heightened insecurity, and pressing developmental needs.
He said, the prompt recovery of all Government funds is critical for national stability and economic sustainability which is part of the constitutional mandate of the Legislature to provide oversight over public finances and to safeguard the assets and revenues of the Federal Republic of Nigeria.
