The Chairman of the House of Representative Committee on Finance, Hon. Abdulmumin Jibrin, has commended the Central Bank of Nigeria (CBN) for prompt and consistent remittance of operating surpluses into the Federal Government treasury.

Jibrin, who made commendation during the public hearing on the 2009-2012 Federal Government Independent Revenue Generation at the National Assembly on Monday, stated that plans are under way to bestow award of recognition on the CBN for such consistency.

This was in consonance with the promise made by the Committee Chairman on Thursday, December 13, 2012, when he said that from next fiscal year (2013) that agencies that perform very creditable would be

awarded a prize. He reiterated that certificate of commendation to well-deserving government agencies would serve as a lesson to agencies that have over the years shown reluctance in complying with this statutory obligation to the nation.

The Committee had earlier requested all revenue generating agencies to ensure total remittances of all outstanding funds and to show evidence of remittance of 25% of gross earnings along with receipts from Office of the Accountant General of the Federation.

It could be recalled that the Accountant -General of the Federation, Mr. Jonah Otunla, had also gave similar commendation to the CBN 2012 before the same committee for remitting surplus revenue in compliance with the Fiscal Responsibility Act as and when due and noted the Bank ranked among the highest revenue generating agency that has complied with the law. The CBN Head of Corporate Communications, Mr. Ugochukwu Okoroafor, said that those who had been accusing the bank of not complying with the extant laws on the issue of revenue remittance were doing so out of ignorance.

He said the testimony of the Finance Committee had further vindicated the CBN and shown that it had always carried out its responsibilities according to the law, adding that the Bank had remitted its operating surplus even when it is not strictly a revenue generating agency.

He stated that before now, there has been a blanket summoning of Federal agencies including the CBN, to appear before the Finance Committee of the House Representatives in relation to the issue of remittance of operating surplus to the Federal government, creating the impression that the Bank was among such defaulting agencies.