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Monday, December 11, 2023

CBN Overspent 2013 Budget By N326bn



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* targets N553bn revenue in 2014

Teddy Oscar, Abuja

An analysis of the Central Bank of Nigeria (CBN)’s 2013 Budget revealed that the bank overshot it’s 2013 budget expenditure by more than N326 billion.

The analysis, which was presented on Wednesday by Mr. Suleiman Barau, deputy governor in charge of corporate services, revealed that the apex bank budgeted N413,373.89 billion as it’s expenditure for 2013, but ended up spending a staggering N739,640.63 billion.

Barau, who was before the House of Representatives’ Committee on Banking and Finance to submit and defend CBN’s 2014 Budget proposal, explained that the bulk of the 2013 excess expenditure was spent on “liquidity management” of the country’s economy.

The 2013 budget performance revealed that the sum of N180 billion was earmarked for “liquidity management”, but CBN ended up spending N536.6 billion.

In the 2013 budget highlights, the total income accruing to CBN amounted to N600,533.65 billion.

The detail includes: interest on foreign investments (N80,175.29 billion); interest on domestic investments (N388,208.58 billion); interest on domestic loans and advances (N13,540.45 billion), others (N118,609.33 billion).

The 2014 budget breakdown disclosed that CBN, in its revenue sources, projected the sun of N553 billion as expected income and projected expenditure of N377.9 billion for the same year.

In his reaction, Hon. Jones Onyereri, chairman of the committee, however, demanded for the complete details of the bank’s staff nominal rolls.

In response, Barau said that the present staff strength of the bank stands at 6,661.

But Onyereri went further to request for the complete details of some items listed as “administrative expenses” in the banks 2013 Budget.

They include: member subscription, subvention and donation (N1.8 billion); corporate affairs and recreation/sport sponsorship/NYSC (N2.3 billion) and staff recruitment and promotion/examination expenses (N495.5 billion).

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