Senate to probe CBN, NIBSS over failure to remit N20trn into FG’s account

Following the alleged failure of the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) to remit N20 trillion revenue to the federal government’s account, the Nigeria Senate has resolved to probe them.
The Senate’s resolution came on the heels of a motion put forward by Senator Ayo Akinyelure, who represents Ondo Central, Channels TV reports.
Akinyelure said that both financial bodies in the country have failed to comply with the directive of President Muhammadu Buhari for the recovery of the fund.
He said that the N20 trillion was revenue due from stamp duties collected between 2013 and 2016. The senator also pointed out that over N5 trillion minimum revenue was due to be collected on a yearly basis to the national account which is to be shared among states for infrastructural and economic development.
He said: “The Senate must consider whether the target N20 trillion fund is being recycled into private banks when the federal government had directed its recovery.”
senator Ayo Akinyelure said that both CBNand NIBSS have failed to comply with the directive of the President Muhammadu Buhari for the recovery of the fund.Supporting Akinyelure’s position, Senator Isah Jibrin said that the upper chamber should look into who is fraudulently benefiting from this non-compliance with the president’s directive.
Moreover, confirming the CBN’s and the NIBSS’ refusal to obey the order of the president, Senate president Ahmad Lawan said: “I was under the impression that we had over N20 trillion somewhere.
“What has happened is because those that are supposed to collect the stamp duties were taking advantage of the non-electronic transaction.”
The Senate, therefore, mandated the committee on finance to investigate the issue and submit its report to the Red Chamber