CBN PRESENTS BUDGET TO NATIONAL ASSEMBLY;OVERSHOT ITS BUDGET IN 2013

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By Ayomide Oriade

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The Central Bank of Nigeria yesterday revealed that it overshot its 2013 budget by N326 billion. The bank budgeted N413,373.89 billion as its expenditure for 2013 but ended up spending a staggering N739,640.63 billion.

This was revealed yesterday by the apex bank’s Deputy Governor, Corporate Services, Alhaji Suleiman Barau, before the House of Representatives Committee on Banking and Currency. According to Barau, the exceeding figure was spent on management of liquidity for which the bank initially budgeted the sum of N413 billion but ended up spending N739 billion.

Also revealed at the budget defense was the document which showed that showed that the apex bank extended the sum of N57 Billion on 6,661 staff as salaries and allowances in 2013. This would be the first time the CBN will be appearing before the committee to defend its 2014 budget proposal and appraisal of 2013 budget.

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