CBN Highest Revenue Generating Agency - Accountant General
… Accounts For 75% Of Revenue Paid To Federation Account
ABUJA, December 13, (THEWILL) - The Accountant General of the Federation (AGF) Jonah Otunla, Thursday disclosed that the Central Bank of Nigeria (CBN) is the highest revenue generating agency for the year, with N114, 237,257,078.60.
This, he said, represents about 75 percent of total revenue realised from Federal Government-owned parastatals paid as operating surplus into the Consolidated Revenue Account (CRA) as at November.
Otunla who disclosed this at a meeting with the House of Representatives Committee on Finance 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."
He added that the apex bank and Nigeria 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" and noted that CBN paid N26.399 billion in 2009, N39.715 billion in 2010 and N28.053 billion in 2011, totaling N208, 403,133,083.75 between 2009 and third quarter of 2012.
The documents showed that Nigeria Ports Authority (NPA) paid N15 billion in 2012; N6.802 billion paid by Nigeria Communications Commission (NCC), N5.031 billion by Nigerian Deposit Insurance Company (NDIC) while 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 is worth N26, 852,469,732.31; Bureau for Private Enterprises (BPE) generated N20, 110,764,577.48 from privatisation proceeds and additional sum of N21, 741,500 from rent on a 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, CBN Deputy Governor, Suleiman Barau, who represented the governor disclosed that the 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.
He said the bank spent the sum of N240 billion out of its N400 billion revenue in mopping up liquidity in the financial system in order to keep inflation at 11 percent.
In his reaction, Hon. Abdulmumini Jibrin, chairman of the committee, noted that the committee is considering giving award to performing agencies that comply with financial regulation as from next year.
The summary of the operating surplus presented to the House Committee on Finance, however showed that Nigeria 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 reflected zero remittance from 2009 to date.