The Socio-Economic Rights and Accountability Project has accused the Central Bank of Nigeria of failing to account for trillions of naira in public funds, citing numerous audit red flags and threatening legal action if the bank does not respond within seven days.
According to details from the Auditor-General of the Federation referenced by SERAP, more than N629 billion disbursed under the Anchor Borrowers’ Programme, meant to support farmers and boost food security. went to unknown beneficiaries, with no evidence of recovery. The CBN was also indicted for failing to recover N784 billion in 32 overdue loans issued between 2018 and May 2022.
The Auditor-General further queried the bank’s expenditure of over N125 billion on what were described as questionable intervention activities tied to national security, state services, the armed forces, and financial sector capacity building. SERAP noted that there was no proof these activities received National Assembly approval or were properly documented, raising concerns of possible diversion.
Warning that it would take legal action if the central bank failed to provide answers within a week, SERAP stressed that public officials are legally obligated to explain how public funds are managed under the Financial Regulations 2009, the Nigerian Constitution, and other anti-corruption laws.
