Senate Queries CBN Over Unremitted Taxes[ $3.3 billion]

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The Nigerian Senate queried the Central Bank of Nigeria over an unremitted taxes worth $3.3 billion.

Subsequently, the Senate Committee on Public Account has sought for an in-depth probe into how #3.3 billion was missing from foreign taxes collected by the Federal Inland Revenue Services and Central Bank of Nigeria in 2015.

Federal Inland Revenue Service (FIRS) recorded a total of 21.3 billion dollars for the taxes collected in 2015.

However, Central Bank of Nigeria CBN only remitted.$18 billion to the coffer of the federation account.

This was revealed by the Chairman of the Senate Committee, Senator Mathew Uroghide in a briefing with the newsmen after the closed-door meeting with the Deputy Governor of the CBN, Edward Adamu.

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However, the representative of the bank while defending the allegation on the missing $3.3 billion explained that the differences in the figures were due to the changes in the exchange rate.

“The $3.3 billion is neither missing nor unremitted, but the difference is due to variations of the exchange rate during the time.”

The chairman of the committee, therefore, mandated the bank to reappear before the panel next Monday with documents detailing the said variations in the exchange rate.

He also revealed that most of the security agencies have no audited accounts.

“The Economic and Financial Crimes Commission, Police, and Nigerian Army among other security agencies have no audited accounts.”

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