It was observed during audit of the Central Bank of Nigeria REMITA Print-Out that the inflow and outflows of funds reveals discrepancies between the cash book and the CBN REMITA print-out.
Examination of disbursement dated 21/4/2017 reveals that the balances in the CBN REMITA print-out was N1,710,261,340.56, while the balances as at 25/4/2017 reduced to N1,489,061,054.43 without any corresponding debit entry(s).
This unreconciled balance of N221,200,286.13 (i.e. N1,710,261,340.56 – N1,489,061,054.13) is unexplained.
The Honourable Commissioner is required to justify the discrepancies noted above, failing which he/she should account for the difference of N221,200,286.13 and sanctions within Financial Regulation 3106 should apply.
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