By Admin:
The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN) to remit the sum of N3.64 trillion (Three Trillion, Six Hundred and Forty Billion Naira) to the Federal Government within 14 days.
The resolution was reached following the appearance of the Central Bank of Nigeria (CBN) team, led by Deputy Governor of Operations Directorate, Dr. Bala Mohammed Bello, along with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, before a Joint Committee comprising the House Committees on Public Accounts and Public Assets.
During the session, lawmakers interrogated the apex bank on its failure to remit operating surplus funds and its management of unclaimed dividends and dormant account balances.
This N3.64 Trillion represents 70% of an outstanding N5.2 trillion in unpaid operating surplus for the period spanning 2016 to 2022.
A formal letter addressed to the CBN Governor, signed by Chairman of the Public Accounts Committee Mr. Bamidele Salam and Chairman of the Public Assets Committee Mr. Kuye Ademorin Aliyu, accused the bank of withholding N5.2 trillion due to the Federal Government.
The letter is titled: Investigation of Non-Compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the Remittance of Operating Surplus and Management of Unclaimed Dividends and Dormant Account Balances by the Central Bank of Nigeria.
