House Of Reps Want CBN To Disclose Interests Earned On Foreign Reserve
“Are we earning or are we just running charity with it (interest) or just leave people to manage it?
“Are we capitalising the interest and what is the interest? Nobody has ever told us,’’ the Speaker of the House of Representative, Mr Yakubu Dogara, asked as he sought answers.
He wants more information on the interests accruing to Nigeria’s foreign reserve accounts and he wants it made known to Nigerians.
These accounts are in custody of the Central Bank of Nigeria (CBN), according to the lawmaker, but nothing is said about it and the House of Representatives want to know why.
Mr Dogara, was addressing a delegation from the Fiscal Responsibility Commission (FRC) that visited him in Abuja on Thursday.
He pointed out that agencies like the commission should be in custody of such figures for dissemination to the public when necessary.
The House had on December 15, 2015, passed a resolution calling on the CBN to declare interests accruing on the foreign reserves accounts of the federation.
“We earn interest on foreign reserves, like Botswana. They don’t have oil but the interest on reserve is their second highest revenue source after natural resources.
“You will see it as a budget item, interest earned from foreign reserves.
“In Nigeria, we have been asking the question, `are we earning or are we just running charity with it or just leave people to manage it?
“Are we capitalising the interest and what is the interest? Nobody has ever told us,’’ Dogara said.
The lawmaker further pointed out that if the CBN was not forthcoming with regards to what had been happening with the interest earned on foreign reserves, there should be an agency of government to handle it.
The speaker also wants to know why a ceiling on borrowing as stated in the FRC Act was not adhered to.
“Do we continue borrowing until we have borrowed billions?
“The Fiscal Responsibility Act speaks to those things. So, why is it that it is not being done?’’ he asked.
He said that there was urgent need for the government to properly fund the commission to enable it to deliver on its mandate and strengthen its powers.