Senators, Reps query CBN over utilisation of N1trn revenue in 2015

Abuja 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.

The lawmakers, who lamented that the apex bank overshot its spending in the 2014 appropriation by over fifty percent during the 2015 budget performance and 2016 budget defence of budgetary allocation to CBN, noted that the bank had imbibed the habit of spending more than what was budgeted to it.

According to them, “CBN is developing a culture of spend as I earn attitude.”

They added hat the bank should have remitted N400 billion operating surplus to government’s treasury.

The lawmakers also queried what they described as the 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.