The Central Bank of Nigeria has come under scrutiny after the Federal Government accused it of misappropriating N2.73 trillion in interest payments on Ways and Means advances.
According to the 2021 consolidated financial statement of the Federal Government, the CBN retained the interest charges, allegedly using the funds “for its sole benefit” instead of remitting them to the Consolidated Revenue Fund.
The Auditor-General’s report stated, “The interest charged on Ways and Means by the CBN was misappropriated for its sole use, despite the facility not being sourced from its balance sheet or external lenders.”
The Federal Government has called for the immediate refund of the N2.73 trillion to the CRF, citing irregularities in the management of public funds.
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