Lawmakers Queries Alleged Extravagance Of The CBN


The joint Committee of the Senate and House of Representatives on Banking and Currency yesterday queried the nation’s apex bank, the Central Bank of Nigeria (CBN) for allegedly spending N1.062 trillion revenue above the N482.167 billion proposed income for the year 2015.

“CBN is developing a culture of spend as I earn attitude,” the lawmakers said, arguing that the bank should have remitted N400 billion operating surplus to government’s treasury.

The lawmakers also queried an alleged astronomical increase in staff cost from N158.134 billion in 2015 to N408.808 billion as proposed in 2016 budget; and non-inclusion of commission for brokers, Dutch income, in its budget proposal.

They wondered why the CBN should spend N780 million on the dealing room, N226 million for recruitment, N1.5 billion on research, N75.980 billion loss incurred from SWAP, N.8 billion on data collection and about N1 billion on Entrepreneurial Development Centre.

The committee, therefore, demanded for CBN’s financial statement, nominal roll, details of foreign and domestic investments, among other contentious issues raised at the meeting.