BY MARK ITSIBOR, Abuja
The Central Bank of Nigeria (CBN) has described a report published by a national daily (not LEADERSHIP) last Monday suggesting that the apex bank’s financial support to the federal government had risen to N8.12 trillion in four years, as a calculated attempt by mischief makers to misinform the investing public and put the bank in bad light.
The story was headlined: “CBN’s life support to FG rises 780% to N8.12trn in 4yrs”.
On the contrary, the apex bank said that government was actually the net creditor to CBN in 2014, 2015 and 2017 to the tune of N2.14 trillion, N1.65 trillion and N0.36 trillion respectively. It added that the bank only credited N0.45 trillion to the federal government in 2016 and 2018.
In a statement it issued, the CBN maintained that “the story is not only false, but an attempt, through sheer mischief, to distort and misrepresent CBN’s financial operations and also to misinform the investing public on the financial health of our country.”
The apex bank added that the authors of the story conveniently restricted it only to CBN’s claims on the federal government while ignoring other numerous deposits of the government, including those of the Treasury Single Account (TSA) with the CBN in order to arrive at their plot.
The statement read in part: “As can be clearly deduced by any unbiased and informed analyst, when the claims of the federal government on CBN are netted against the claims of the CBN on the federal government, the resulting net positions indicate that the federal government was actually the net creditor to the CBN in 2014, 2015 and 2017 to the tune of N2.14 trillion, N1.65 trillion and N0.36 trillion respectively. On the other hand, the CBN was the net creditor to the federal government in 2016 and 2018 to the tune of N0.11 trillion and N0.34 trillion respectively.
“From the foregoing and the detailed database, it is clearly inappropriate to compare the position as at end-2018 with the position as at end-2014, ignoring the movements within the period.
“We wish, therefore, to reassure the investing community and the general public that the CBN remains faithful to its statutory mandate as banker and financial adviser to the federal government.”
Court Restrains NAFDAC, Others From Releasing Banned Chemical
ASUU’s Strike Paralyses Academic Activities At LAUTECH
I Saw One Of My Son’s Alleged Killers With His Head – Dad Tells Court
Bayelsa, Kogi Guber: Oyetola Congratulates Lyon, Bello, APC
Accept Defeat In Good Faith, Bello’s Information DG Tells Wada, Akpoti
Bayelsa, Kogi Polls: Akeredolu Congratulates Bello, Lyon
Passengers Groan As NRC Fails To Resume Train Operation In Lagos
OPINION21 hours ago
Tribute: Brig Gen Aminu-Kano Maude
NEWS14 hours ago
Bayelsa Polls: Frank Congratulates Lyon, Calls For Secondus’ Resignation
CRIME23 hours ago
Gov Buni Donates Security Patrol Vehicles To NDLEA, NAFDAC, Others
BUSINESS21 hours ago
Court Stops MasterCard From Issuing Cards
NEWS23 hours ago
Gov Buni Pays for Medical Students’ MDCN Registration, Recruits 44 Others
ISSUES20 hours ago
Pantami’s Populism and Regulatory Intrusions
BUSINESS21 hours ago
Cooking Gas: NALPGAM Blames LPG Terminal Owners For Price Hike
CRIME20 hours ago
Police Smash Armed Robbery Gang In Enugu