Central Bank of Nigeria Accused of Questionable Expenses Totaling N3.2 Trillion During Buhari’s Tenure
In a startling revelation, the Central Bank of Nigeria (CBN) has been reported to have spent a staggering N3.2 trillion on what the bank refers to as “other operating expenses” during the eight-year regime of former President Muhammadu Buhari.
This financial information came to light through a recently published financial statement, marking the first of its kind since the year 2015.
The report disclosed that under the leadership of suspended governor Godwin Emefiele, the CBN categorized over N3.2 trillion as “other operating expenses.”
This catch-all category has raised concerns due to its potential to encompass a range of opaque policies and possibly unsanctioned dealings, clandestine expenditures, and even illegal financial activities.
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The financial statement paints a concerning picture, revealing the breakdown of these expenses over the years.
In the initial year of President Buhari’s tenure, the CBN reported having spent a significant N254 billion on these “other operating expenses.”
The subsequent years showed a varying trend, with N173.6 billion in 2016, N155 billion in 2017, N190 billion in 2018, and N247 billion in 2019.
What’s particularly noteworthy is the sharp escalation of expenses in the following years. In 2020, the figure skyrocketed to N442.5 billion, doubling the subsequent year to a staggering N884 billion.
This upward trajectory reached its zenith in 2022 when the CBN reported an expenditure of N888 billion in the same category. All in all, these figures culminate to a total of N3.2 trillion over the course of eight years.
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Godwin Emefiele, who presided over the CBN during this period, has faced allegations of mishandling the nation’s highest bank.
Additionally, accusations have surfaced regarding his alleged involvement in questionable financial practices.
Notably, Emefiele was reported to have spent a considerable N100 million on the All Progressives Congress (APC) presidential primary ticket in the run-up to the February 25 general election.
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The circumstances surrounding Emefiele’s tenure took a dramatic turn as President Bola Tinubu suspended him mere weeks after his appointment, citing corruption allegations related to his office.
Subsequently, Emefiele was arrested and charged to court by the State Security Service (SSS).
These revelations have triggered debates and concerns within the Nigerian financial and political landscape, urging for a thorough investigation into the alleged financial irregularities and the transparency of the central bank’s operations.
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