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Reps summon CBN governor over non-remittance of N16 trillion to government coffers

The House of Representatives on Wednesday invoked the provisions of order 19, rule 1 and 2 of its standing order, and its constitutional power to summon the governor of the Central Bank of Nigeria (CBN) to appear before the House Committee on Public Account to explain the non-remittance of about N16 trillion into the coffers of the federal government.

The CBN governor is to appear unfailingly before the committee on Tuesday, 16th December 2025, to explain the non-remittance of the identified Government revenues and present a concrete plan for the immediate payment of all outstanding amounts into the designated Federal Government accounts.

In a motion on notice, Chairman of the House Committee on Public Accounts, Bamidele Salam the apex bank failed to remit over N5 trillion operating surplus as N11 trillion government revenue to the government accounts.

He reminded members of the strategic and statutory role of the Central Bank in the administration of the Remita Revenue Collection System established pursuant to the Fiscal Responsibility Act, 2007, Central

Bank of Nigeria Act, 2007, the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and other extant fiscal and financial management laws of the Federation.

He said under the Fiscal Responsibility Act, 2007, the Central Bank of Nigeria Act, 2007, the Finance Act, 2020, and the relevant subsidiary legislation, the Central Bank of Nigeria is mandated to collect, account for, and remit all Federal Government revenues accruing through the Remita platform into designated Government accounts in a transparent, efficient and in line with regulatory standards.

He disclosed that the Public Accounts Committee (PAC) is duly empowered by Sections 85(5), 88, and 89 of the 1999 Constitution, as well as Order 20, Rule 6 of the Standing Orders of the House to consider the Auditor-General’s Reports and to conduct investigations into the general and specific areas of Nigeria’s public financial management.

He said in the course of the ongoing investigation by the Public Accounts Committee into the Auditor General’s Report of the 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, the Committee uncovered various infractions.

He said the committee discovered “the CBN 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; refunds of Collected Charges by the Central Bank of Nigeria. (a) Amount collected by the Central Bank of Nigeria: ₦954,302,576.67, (b) Amount Refunded by the Central Bank of Nigeria: ₦0.00; c) Difference/Variation ₦954,302,576.67; (d) computed Interest at Monetary Policy Rate (MPR) of 27.25%: ₦2,329,027,728.92” (e) Total Amount Due for Refund: ₦3,283,330,305.05

“Discrepancy in Total Collections Claimed by the Central Bank of Nigeria: (a) CBN Claim of Total Collections (as per data submitted): ₦8,736,481,203.58; (b) PAC-Computed Central Bank of Nigeria Collections (from the same data):

₦19,834,886,731.77; (c) Difference/Variation: ₦11,098,385,528.19.

“Missing Balance Take-On on Central Bank of Nigeria Core System

He said further that the committee discovered a migration discrepancy amounting to ₦2,686,325,119,825.10 being outstanding and payable to the Federal Government’s Assets Recovery Account.

He expressed concern that “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.

“At a time when the nation is confronted with acute revenue shortages, heightened insecurity, and pressing developmental needs, the prompt recovery of all Government funds is critical for national stability and economic sustainability.

“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”.

The motion elicited heated disagreement from members on the mode to approach the issue, leading to a rowdy session and making the House uncontrollable.

While some members wanted the CBN governor invited to address the whole House at plenary, Ghali Mustapha (NNPP, Kano) suggested the setting up of an ad-hoc committee comprising relevant committees of the House, while Ahmed Jaha (APC, Borno) believed that he matter should be referred back to the Public Accounts Committee.

Jaha argued that taking the matter away from the Public Accounts Committee will affect the confidence of other committees that may have similar reports, while giving heads of government agencies more confidence to disregard invitations from the House.

Sada Soli (APC, Katsina) said the President should take special notice of the information contained in the report, considering the fact that it was brought to the House by a constitutional committee headed by a member of the opposition.

He asked the House to invoke order 19 of its standing order and summon the CBN governor to appear, failing which, the House will take appropriate actions.

Speaker Abbas, who presided over the plenary, was, however, not happy with the rowdy nature of the House, cautioning that their actions were unparliamentary, warning that they would refer members to the House Committee on Ethics.

He said members cannot achieve anything by shouting, adding that those who were not in support of referring the matter to the Public Accounts Committee were free to vote against it.

In a voice vote that sounded equal, the House resolved to refer the matter to the Public Accounts Committee, while asking the CBN governor to appear before the committee unfailingly on Tuesday, December 16.

December 10, 2025
CBN governor warns of Fintech Risk to Financial Stability in West Africa

The Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has raised the alarm over that the increasing transaction volumes of Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs) which he said pose major financial system stability risk.

Cardoso, who was represented by Abayomi Arogundade, the Acting Director of the Other Financial Institutions Department at the CBN, gave the warning at the 10th Meeting of the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) in Abuja on Monday.

“We must continue to push forward the agenda of strengthening the anti-money laundering practices; deepening supervisory capacity on cybersecurity and fintech regulation; and the implementation of risk-based supervisory approach,” Cardoso warned the gathering of West African central bankers.

The CBN governor noted the rapid growth in fintech lending as a particular area of concern, noting that while the overall size of these loans may still be small compared to traditional banking, some jurisdictions have observed a worrying trend of increasing volumes.

“In many cases, fintech credit is provided via electronic platforms that connect lenders to borrowers – in which case the platform takes the role of a financial auxiliary,” Cardoso explained. “In some cases, however, loans are taken on the balance sheet of these platforms (even if it is short-term), in which case the platforms are akin to new types of financial intermediaries.”

These fintech firms, which offer a range of applications, software, and other technologies to streamline mobile and online banking, are often regulated either as banking entities or as fintech payment service providers, depending on the jurisdiction.

Cardoso also highlighted the emergence of innovations linked to crypto or stablecoin assets as another area of concern that supervisors must closely monitor.

The concerns raised by the CBN governor come at a time when the non-bank financial sector is playing an increasingly pivotal role in enhancing access to credit, offering cost-effective and reliable payment services, and supporting economic growth across the WAMZ region.

Read Also: CBN governor Cardoso sees end to excessive FX volatility

Dr. Olorunsola Olowofeso, the Director General of the West African Monetary Institute (WAMI), echoed the need to strengthen the resilience of the financial sector, particularly in the face of emerging risks such as climate-related issues, internet disruption, cyber threats, and social media-driven instability.

“To strengthen the resilience of the financial sector, Member States should develop an adequate national cybersecurity strategy and appropriate regulatory and supervisory frameworks,” Olowofeso said.

The technical sessions of the CSNBFI meeting this week are expected to focus on climate risk regulation, underscoring the importance of addressing these emerging threats to the stability of the financial system.

As the NBFI sector continues to grow in influence and importance, the central bank governors of the WAMZ region have a critical responsibility to ensure that regulatory requirements are tailored to foster compliance with international standards and mitigate the risks posed by the rapid digitalization of financial services.

July 1, 2024
Reps invite CBN governor over cancellation of $2.4 billion forward contract with SMEs

The House of Representatives on Wednesday, February 28, asked the governor of the Central Bank of Nigeria (CBN) to appear before its committee on Small and Medium Scale Enterprises (SMEs) to explain the recent cancellation of about $2.4 billion worth of forward contracts sold to manufacturers on the grounds of incomplete import documents.

The resolution followed a motion of urgent public importance sponsored by Zakaria Nyamkpa (PDP, Adamawa) and two others.

The House resolved to holistically investigate the cancellation and examine documents of affected companies with the view to identifying genuine companies with legitimate transactions.

Read Also: Tinubu means well for Nigeria, says SGF Akume

Nyamkpa said the CBN recently announced the invalidation of about $2.4 billion worth of forward contracts sold to manufacturers on the grounds of incomplete Import documents.

He said the invalidated forward contracts were originally entered into about a year ago between various Nigerian manufacturing companies and the CBN to guide against currency fluctuations and risks associated with the exchange rates.

According to him, “having entered into these agreements, affected companies’ bank accounts debited in Naira equivalents and letters of credit issued by the participating commercial banks, the Central Bark of Nigeria decided to dishonour the contractual obligations and cancelled the transactions, one year later.”

He alleged that this cancellation of forward contracts was coming at a time of worsening national economic challenges such as galloping inflation, unemployment, increased poverty level, and hardships.

He expressed fear that if sustained, the cancellation of the said transactions will cause widespread collapse of small and medium companies and the exit from the country of large corporations with all the attendant consequences thereof.

February 28, 2024
Reps summon CBN governor, AGF over N33b pension fund

The Governor of Central Bank (CBN), Godwin Emefiele and the Accountant-General of the Federarion (AGF), Ahmed Idris are to appear before the House of Representatives on Tuesday.

The two are to clarify alleged remittance of N33billion pension deductions to the Federal Government by National Pension Commision (PenCom) before the House of Representatives ad hoc Committee investigating alleged irregularities in PenCom.

The Chairman of the Committee, Johnson Agbonayinma said noticeable discrepancies in the pension deductions claimed to have remitted by the Acting Director-General (DG) of PenCom, Aisha Dahir-Umar made the appearance of the two critical to the investigation.

While appearing before the Committee at the public hearing yesterday, the Nigerian Union of Contributory Pensioners (NUCP) accused PenCom and Pension Fund Administrators (PFAs) of several infringements.

In its presentation, the group regretted that the new pension scheme, has compounded, rather than alleviating problems faced by retirees under the Contributory Pension Scheme.

U.C. Ekpo and Emezuru Eugene signed the memorandum where PenCom was accused of failing to review contributors’ pension every five years as provided in Section 173 (3) of the 1999 Constitution (as amended).

The Union also observed persistent delays in payment of retirees’ benefits to over two years as well as lack of standardised template and transparency in computation of lump sums paid after retirement.

PenCom was also faulted for gender inequality in the payment of lump sums in contravention of the Pension Reform Act.

April 5, 2019
Breaking:Emefiele still in office, says CBN

The Central Bank of Nigeria (CBN) has dismissed claims that the CBN governor, Godwin Emefiele has been sacked.

Responding to enquiries from The Nation on Monday, the Director Corporate Communications of the CBN Mr. Isaac Okorafor told The Nation that “the governor is in his office working. I don’t know what you’re talking about.”

Another official of the CBN also told The Nation Correspondent that “there is nothing like that, the governor is here, his tenure expires in June.

Read Also: Emefiele to Atiku: your monetary policy agenda disastrous

“In fact he has functions to attend to tomorrow, one of which is to meet with stakeholders in the cotton value chain on Tuesday March 5, 2019.”

An online medium had reported on Monday afternoon that the CBN governor has been sacked by the presidency and given two weeks to clear his table and “handover to an unnamed successor.“

March 4, 2019
$2.8m airport haul: EFCC alerts CBN Governor as firm, Union Bank kick

The Economic and Financial Crimes Commission (EFCC) has officially alerted Central Bank (CBN) Governor Godwin Emefiele to last Thursday’s interception of $2.8million at the Akanu Ibiam International Airport in Enugu.

The anti-graft agency has already commenced investigation into the source and purpose of the huge cash-in-transit, with a private firm, Bankers Warehouse Limited, and Union Bank kicking over the EFCC’s seizure of the money.

The company and Union Bank said separately yesterday that the men arrested along with the funds were on a lawful assignment.

An EFCC source told The Nation yesterday in Abuja that the organization had alerted the CBN Governor on “the seizure of the $2.8million. We expect the apex bank to cooperate with us on this case.

“But investigation is ongoing to ascertain what informed the movement of such a huge amount, the beneficiaries and the final destination of the cash.

“Going by the extant laws, the suspects ought not to be in possession of this amount of money. They are in custody undergoing interrogation and we will inform the public accordingly.”

Responding to a question, the source added: “Our detectives will interact with some officials of Union Bank and those in charge of the conveying company.

“By financial regulations, the huge cash ought to be transferred not hauled. It is strange that CIT operators now haul foreign currency in huge volume. This is why we suspect a case of money laundering.”

But Bankers Warehouse insisted, in a letter to the CBN, that its staff were on a legal mission.

The letter signed by BW Head of Operations, Dr. Lawrence Ijebor, said: “I want to convey to you that once again, we are facing a challenge with one of the security agencies (this time the EFCC), which detained our couriers yesterday evening while attempting to board an Arik Air flight from Enugu to Lagos, conveying currency on behalf of Union Bank. They were transporting US dollar.

“When questioned, they presented their identity cards, identifying themselves as Bankers Warehouse employees on official Cash-In-Transit (CIT) movement and also provided the letter of authority issued by the bank converting that movement.

“Despite the information provided, the EFCC insisted on detaining our employees, taking possession of our goods and threatening to confiscate the currency without making themselves available to our senior managers or other agencies familiar with our movements.

“Our attention has been drawn to an article in a newspaper and EFCC website where our staff have been paraded as suspected money launderers, exposing the identity of our client and portraying our company in not just a negative but criminal light.

“We seek your intervention as our regulator to address this issue of constant harassment of our staff by security agencies which constitutes a risk that could threaten the lives and safety of our employee and the cargo they are tasked with conveying.

“Also, kindly recall that the CBN had previously called a meeting of stakeholders regarding this issue in the past. It may be prudent to engage the stakeholders once again to provide clarity on the legitimacy, coverage and mode of operations of registered CIT operators.”

The management of Union Bank also deplored the action of the EFCC.

The bank, in tweets on its official Twitter page yesterday said: “Movement of cash across states is routine for all banks. Bankers Warehouse is licensed by CBN to provide Cash-in-Transit services,” the bank said.

“We are surprised by the release of a news bulletin prior to the completion of @officialefcc investigation. This is a legitimate and routine operation consistent with banking.”

The EFCC, responding to claims by the company and Union Bank yesterday said officials of Bankers Warehouse and Union Bank refused to honour invitations by it.

Acting spokesman for the EFCC, Mr. Tony Orilade, said investigations were still on and the outcome of the probe would determine the agency’s next line of action.

He added, “On the Union Bank saga, the way forward is that investigation is ongoing.

“On the detention of their staff and threat to confiscate the money, this is neither here nor there. The two men arrested with the money were detained because they have to offer relevant information.

“The bank refused to honour invitation from the time of the arrest until we had to go out with the story. That was when they suddenly realised they need to honour the invitation. Be that as it may, a thorough investigation has to be carried out as to the source and legitimacy of the money because we are not unaware that some financial institutions are being used to launder money.”

December 23, 2018
MPC predicts fragile but promising economic growth

…urges Govt to freeze growth in FAAC distribution to create savings

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has predicted a fragile economic growth for the nation in 2018.

To achieve this fragile but promising growth, the Committee urged “the Government to initiate strong stabilization programmes and to freeze the growth in its aggregate expenditure and Federation Account Allocation Committee (FAAC) distributions in order to create savings; needed to stabilize the economy against future oil price related shocks.”

The Monetary Policy Committee lamented that it has “observed increasing monetization of oil proceeds as evident in the growing FAAC distribution, relative to the 2017 level of disbursements.

Addressing journalists at the end of the first MPC meeting for the year which also saw in attendance the new Deputy Governors and members of the MPC recently cleared by the Senate in Abuja, CBN Governor, Mr Godwin Emefiele noted that “forecasts of key macroeconomic indicators give a positive outlook for the Nigerian economy in 2018.”

This he said “is predicated on the quick passage and effective implementation of the 2018 budget, improved security, foreign exchange market stability as well as favourable crude oil prices.”

However on the downside, the Committee Emefiele said “noted the potential impact of the 2019 election- related spending, against the weak backdrop of tax revenue efforts, herdsmen related violence and rising yields in the advanced economies. Indications in the US and the UK point to higher interest rates in the short to medium term.”

The Committee he said noted with satisfaction “the gradual return to macroeconomic stability as reflected in the third consecutive quarterly growth in real GDP in the fourth quarter of 2017. It also noted the continued moderation in all measures of inflation as well as sustained stability in the naira exchange rate and urged the CBN to sustain the stability to avoid a mission drift.”

Overall, the MPC noted that the recovery of the economy was strengthening, in view of the return to growth of the Services Sector.

With regards to the fiscal side, Emefiele praised the fiscal sector for continuing to settle its outstanding liabilities, reducing its domestic debt profile, thus increasing the liquidity of the banking system.

The Committee noted that at 14 per cent, the policy rate was tight enough to rein-in current inflationary pressures. The Committee, therefore, reaffirmed its commitment to price stability conducive to sustainable and inclusive growth.

Members of the MPC were happy TA what they described as the “relatively strong balance sheets of the deposit money banks’ and the stable outlook. This is in spite of the concentration of non-performing loans in a few sectors, which the Committee observed was satisfactorily being addressed by adequate mechanisms established by the CBN to address the phenomenon.”

The MPC also noted that as Government pays off its huge contractor debts, a sizeable portion of these non-performing loans will be addressed. The Committee “urged the CBN to strengthen its supervisory oversight and early warning systems to promptly identify, monitor compliance with extant prudential regulations, sustain macro-prudential policy and manage emerging vulnerabilities in the banking system.”

The MPC then reiterated the CBN’s “commitment to delivery of low interest credit as evidenced in its bold steps to adopt unconventional monetary policy to aid credit flow to vulnerable and growth enhancing sectors of the Nigerian economy.”

The MPC then enjoined the CBN “to continue to support and encourage credit delivery at single digit interest rate through other mechanisms in the interim, while encouraging the banking system to establish frameworks to increase credit delivery to the employment generating sectors of the economy.”

At the end of the meeting, the Committee decided unanimously by a vote of all members present to retain the Monetary Policy Rate (MPR) at 14.0 per cent alongside all other policy parameters.

Consequently, the MPC voted unanimously to retain the MPR at 14.0 per cent; Cash Reserve Ratio (CRR) at 22.5 per cent; Liquidity Ratio at 30.0 per cent; and Asymmetric corridor at +200 and -500 basis points around the MPR.

Before answering questions from journalists the CBN governor thanked President Muhammadu Buhari and the National Assembly for appointing and clearing two Deputy Governors and other MPC members.

Emefiele said the new MPC members were subjected to rigorous induction processes stressing that “they are very qualified individuals with no preconceived notion as to what expect or demand of the committee but individuals who are given data to analyze and make objective decisions in the nation’s interest.”

Read Also: MPC to consolidate forex, inflation gains

April 4, 2018
Emefiele is CBN Governor of the Decade

The Coalition of Civil Societies and Media Executives for Good Governance in Nigeria (COCMEGG) will honour the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, with the “Most Distinguished CBN Governor of the Decade”award.

The award ceremony will hold on December 19, in Abuja.

According to the President of COCMEGG, Omoba Aigbegbele, Emefiele’s performance since he assumed leadership in CBN is legendary.

“The rebounded economy in the possible shortest time is outstanding; the repositioning of the apex bank in terms of ICT, monetary policy directions and financial tools has greatly assisted the country’s economy and stability in the global market. The global positive rating of Nigeria today is as a result of the policy framework put in place by the apex body,” he said.

He said Emefiele’s tireless sacrifices in putting the country first rather than self has paid off greatly. The CBN governor has advanced the regulatory body’s values and culture through good corporate governance and transparency that has kept the economy on track.

He said the high ethical professionalism attained through transparency and the high degree of accountability in the financial sector of the country is unparallel, coupled with the apex bank’s policy thrust and framework through exponential growth and phenomenal profitability.

The CBN has witnessed increased global rating by rating agencies on banks and other financial institutions, boost customers’ confidence and the nation’s confidence in the CBN to rejuvenate the system and build a roadmap for the economic stability and sustainability of the country.

The President of COCMEGG paid glowing tributes to the CBN Governor, saying his change in the policy direction of the core CBN functions have impacted on education, monetary policy formulation and the implementation as well as financial system stability.

Aigbegbele said Emefiele experience as a specialist in Deposit Money Bank (DMB) and an academic, has enabled him to expanded some core banking areas so as to stimulate low performing sectors and make them play their roles in growing the economy.

December 13, 2017
Senate probes banks over N30tr foreign exchange manipulation

The Senate Wednesday launched investigation into alleged foreign exchange allocation manipulation involving over N30 trillion.

Many banks operating in the country were fingered in the deal said to have been perpetrated between 2006 and 2017.

The banks were specifically queried over alleged manipulation and connivance with importers to defraud the country of huge sums of money.

The investigation followed Senate mandate to its Committee on Customs and Excise to probe and identify revenue leakages and malpractices in the import and export chain.

Chairman of the committee, Senator Hope Uzodinma who invited chief executives of banks handed them bulky documents detailing the amount of foreign exchange they received on behalf their importer customers.

Uzondinma gave the banks three weeks to furnish the committee with details of the utilization of the foreign exchange they bought on behalf of their customers.

He noted that preliminary investigation by the committee showed malpractices ranging from unutilised Form M, abandoned Form M, partially utilised Form M, abandoned assessments of Custom duties and foreign exchange allocation manipulation.

Uzodinma said, “You recall Senate that in plenary mandated this committee to investigate and identify areas of revenue leakages in the entire import and export circle.

“The committee started investigation and took time to enter into the import and export value chain and identified supposedly areas of leakages and malpractices, ranging from unutilised Form M, abandoned Form M, partially utilised Form M, abandoned assessments of Custom Duties and foreign exchange allocation manipulation.

“We have been able to also go into the database of the operating system in the Nigerian Customs Service. We identified Form M by Form M, import by import, vessel by vessel, liabilities of importers and commercial banks that are yet to be handled.

“We are talking about monies in the regions of over N30trillion. We have been able to give all this information to the various banks who purchased foreign exchange on behalf of the importers to go home and come back to show us evidence of utilisation of the forex.

Failure of the banks to give evidence of utilization they will be compelled to refund the foreign exchange they bought from Central Bank of Nigeria or inter-bank, purposely to be used for import.

“What we are saying in essence is that the amount of foreign exchange government is giving out to commercial banks and importers for the purposes of importation are not being utilised as agreed.

“This is making foreign exchange scarce in the market. In essence making the foreign exchange that government is giving to importers not to be tied to activities of importation.

“So, we don’t see this as a healthy development because in the process, some Asian companies are now round-tripping, sending monies that they don’t deserve out of this country without due process.

“I’m sure that by the time we conclude this investigation and action plan that we set out to implement, I can tell you that the exchange rate will come down drastically because only genuine importers will now enjoy government forex allocation.”

On the banks involved, Uzodinma said that no bank is exempted.

He said, “All the banks are involved; the banks that are dead and the ones living. The ones that are no more operating were acquired by some banks. So, the activities of those that are no longer in operation we have been able to tie them to those that acquired them as part of the liabilities. Of course, we will expect that most of the banks that acquired these banks must have carried due diligence on them.”

On why banks alone were fingered in the deal, Uzodinma said that the Foreign Exchange Utilisation Manual prepared by the Central Bank as a regulation guiding import and export entrusted commercial banks quantum of responsibilities.

He explained that banks purchase money on behalf of the importers.

“So, once you are acting on behalf of somebody the offence or the inaction of that person is your own inaction. We are now calling the banks because they are supposed to be the gateway for us to enter into the stream.

“So, by the time the banks who must have carried out Know Your Customer programme, they know the addresses, the places of these importers and they are the people that opened Form M for them.

“They are the people that purchased foreign exchange for them. The regulation requires them to monitor to ensure that these importers pay the correct custom duties on the importation. Also, there is what we call Bills for Collection. It is the responsibility of the banks to know, ascertain and confirm that the documents sent as Bill for Collection that will warrant the release of the forex to the exporter are genuine. It is contained in the manual,” he said.

Uzodinma said that Minister of Finance, CBN governor, Minister of National Planning and Comptroller General of Customs have been invited to appear at the next sitting of the committee on the issue.

April 12, 2017
NASS requests detailed report on bailout from CBN

The National Assembly has demanded the detailed hard copy report of the Federal Government bailout to states from the Central Bank of Nigeria (CBN).

Addressing journalists at the end of a “routine friendly oversight visit to the CBN” the Chairman, Senate Committee on Banking and Other Financial Institutions, Senator Rafiu Adebayo Ibrahim, disclosed that members of the committee were happy with the presentation of the apex bank on all issues raised but giving the importance of the bailout to state governments, the senate, he said, needed further clarification which required that the CBN forward the hard copy of the report to the committee for further perusal.

According to the Senator, “We requested a detailed hard copy of a report of the bailout and loans, we are satisfied with their (CBN) presentation, they have told us what they have done so far.”

The senator also stated that members of the committee did not see any major problem between fiscal and monetary authorities. The alleged differences between both policy authorities the senator said: “is only a matter of perception, they are working together in the interest of the country.”

He assured that “the role of the National Assembly is to help the CBN perform its duties very well.”

On his part, the CBN governor, Mr. Godwin Emefiele, assured the members of the senate committee on banking and other financial institutions that the current economic challenges are easily surmountable.

Emefiele appealed to the senators “to work together with the apex bank to make Nigeria a habitable place for all.”

October 17, 2016