An audit of the Central Bank of Nigeria (CBN) has revealed that N1.44 trillion of the federal government’s operating surplus was not remitted to the national treasury in 2022.
Months after the report, Governor Yemi Cardoso has yet to provide an explanation for the missing funds.
The 2022 audit also highlighted billions in unpaid loans, questionable expenditures, and funds disbursed to unknown beneficiaries, including over N629 billion under the Anchor Borrowers’ Programme, designed to support farmers nationwide.
The Auditor-General warned, “The numbers of beneficiaries who collected the money are unknown. The money may have been diverted.”
READ MORE: SERAP Threatens CBN: Publish Funds Sent To 774 Councils Or We Sue
In total, the audit identified over N3 trillion in unaccounted funds, including N784 billion in overdue loans.
It also flagged N125 billion spent on interventions with no supporting documentation.Nearly N1.8 billion was used to purchase vehicles for the Nigeria Immigration Service, with no proof of delivery.
On the CBN contracts, the report stated: “Contractors deliberately delayed completion of these contracts and requested variations due to extension of completion periods.
There were no relevant procurement documents such as contract files, procurement records, and payment vouchers for the payment. The Auditor-General fears the money may have been diverted and the projects may have been abandoned.”
The audit cautioned that the mismanagement “may have contributed to the difficulty in sustaining food security in the Nation.”It also flagged spending “without the approval of the National Assembly” or supporting documentation.
The civic advocacy group Social Economic Rights and Accountability Project (SERAP) has given Governor Cardoso a seven-day ultimatum to account for the missing funds.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation, and guarantee of non-repetition,” the group added.
They highlight ongoing concerns about CBN’s transparency, governance, and adherence to legal and constitutional obligations.
Nigerians continue to demand answers for the missing trillions meant to support national development.
The findings were documented by the Foundation of Investigative Journalism (FIJ).
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