Dogara queries CBN’s non-disclosure of interests in foreign reserves accounts

The Speaker, House of Representatives, Hon Yakubu Dogara has queried the non-disclosure of the interest accrued on Nigeria’s foreign reserves accounts by the Central Bank of Nigeria (CBN).

He lamented that in spite of spirited efforts by the parliament to know its state, it remains shrouded in secrecy.

The Speaker, while receiving  a delegation from the Fiscal Responsibility Commission (FRC), led by its acting chairman, Mr Victor Muruako,  who paid him a courtesy visit in his office at the National Assembly, he said agencies such as the FRC should be in custody of such figures for dissemination to the public when necessary.

On  December 15,  2015, the House had passed a resolution calling on the CBN to declare interests accruable to the foreign reserves accounts of the federation.

Dogara said: “We earn interest on foreign reserves, like Botswana. Because they don’t have oil, it is the second highest revenue after resources earned from 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? What is the interest? Nobody has ever told us.

“So which one is the government agency that you can run to and easily obtain this information? CBN, of course, is the one managing it.

Dogara queries CBN’s non-disclosure of interests in foreign reserves accounts

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