The Central Bank of Nigeria on Wednesday submitted and defended its
2014 budget proposal before the House of Representatives Committee on
Banking and Finance.
The News Agency of Nigeria reports that it is the first time the CBN would be doing so in the apex bank’s history.
The budget was presented to the house by Mr Suleiman Barau, Deputy Governor in charge of Corporate Services, who also defended the bank’s 2013 performance at the session.
Barau said that the CBN had projected N553bn as expected income with a projected expenditure profile of N377bn for 2014.
Presenting its performance chart for its 2013, Barau said that the CBN overshot its 2013 expenditure by more than N326bn.
He said the bank projected N413bn as its expenditure for 2013 but ended up spending N739bn.
Barau told the committee that the bulk of the 2013 excess expenditure was spent on “liquidity management” of the country’s economy.
He said the bank earmarked N180bn for liquidity management but ended up spending N536bn.
The Chairman of the Committee on Banking and Currency, Rep. Jones Onyereri (PDP- Imo), then requested for complete details of the bank’s staff nominal roll.
The CBN under its suspended governor, Malam Sanusi Lamido Sanusi, had a running battle with the Senate as he insisted on CBN’s independence based on the Banking and Other Financial Institutions Act and the CBN Act.
The News Agency of Nigeria reports that it is the first time the CBN would be doing so in the apex bank’s history.
The budget was presented to the house by Mr Suleiman Barau, Deputy Governor in charge of Corporate Services, who also defended the bank’s 2013 performance at the session.
Barau said that the CBN had projected N553bn as expected income with a projected expenditure profile of N377bn for 2014.
Presenting its performance chart for its 2013, Barau said that the CBN overshot its 2013 expenditure by more than N326bn.
He said the bank projected N413bn as its expenditure for 2013 but ended up spending N739bn.
Barau told the committee that the bulk of the 2013 excess expenditure was spent on “liquidity management” of the country’s economy.
He said the bank earmarked N180bn for liquidity management but ended up spending N536bn.
The Chairman of the Committee on Banking and Currency, Rep. Jones Onyereri (PDP- Imo), then requested for complete details of the bank’s staff nominal roll.
The CBN under its suspended governor, Malam Sanusi Lamido Sanusi, had a running battle with the Senate as he insisted on CBN’s independence based on the Banking and Other Financial Institutions Act and the CBN Act.
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