Remittances: AGF faults Reps on CBN

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… Says apex bank is highest revenue generating organ

From IHEANACHO NWOSU, Abuja

Accountant General of the Federation (AGF), Jonah Otunla, yesterday rated the Central Bank of Nigeria (CBN) as the highest revenue generating agency for the year, saying it has posted N114,237,257,078.60 (representing about 75 per cent of total revenue realised from federal Government owned parastatals). He stated this when he appeared before the House of Representatives Committee on Finance.

The summary of the operating surplus presented to the  Committee showed that Nigerian National Petroleum Corporation (NNPC), Nigeria LNG Limited, Federal Radio Corporation of Nigeria (FRCN), National Film and Censors Board, National Examination Council (WAEC), Federal Housing Authority (FHA), NESREA and National Hospital  has a zero  remittance from 2009 to date.

He said “when we were pressed to get money in the third quarter to source money for the fourth quarter, from about N145 billion operating surplus we got, CBN paid N114 billion as operating surplus for 2011 representing about 70 percent,” adding that the apex bank and Nigerian Television Authority (NTA) have complied in the payment of operating surplus into the Consolidated account as at when due. The AGF described non-complying agencies as engaging in ‘financial rascality’ .

He gave the figure realised between 2009 and 2012 from the agencies as N26.399 billion in 2009, N39.715 billion in 2010 and N28.053 billion in 2011 totalling N208,403,133,083.75.

The documents showed that NPA paid N15 billion in 2012, NCC, N6.802 billion and N.031 billion by NDIC. He also disclosed that a total sum of N185 million was paid by NAFDAC. Summary of the spectrum fees paid by NCC for the period of January to October 2012 worth N26,852,469,732.31; BPE generated N20,110,764,577.48 from privatisation proceeds and additional sum of N21,741,500 from rent on No 15 Ijora Causeway property within the period under review.

Summary of dividend paid by Federal Government owned companies between January 2009 to October 2012 showed that Bank of Industry generated N3,978,288.78; Transcorp Hilton generated N5.5 billion while Capital Hotels generated N844,578.07.

In his presentation, Suleiman Barau, CBN Deputy Governor said  apex bank has so far paid the sum of N50 billion in the interim and projected to pay additional sum of N30 billion into the CRA for 2012 fiscal year, against the total sum of N64 billion paid in 2011.

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