Central Bank of Nigeria faces ₦1.63 trillion accountability dispute

The Auditor-General of the Federation, Shaakaa Kanyitor Chira, has flagged ₦1.63 trillion in financial discrepancies involving the Central Bank of Nigeria (CBN). According to the 2023 Annual Report on Non-Compliance-Internal Control Weakness, the findings highlight significant issues regarding unrecovered loans and the management of funds within various CBN intervention programmes.

A major portion of the dispute involves ₦1.252 trillion in intervention loans granted to various state governments during 2023. While approximately ₦562.3 billion was recovered by the end of that year, a substantial amount remains outstanding. The Auditor-General expressed concerns that these funds could have been diverted and recommended that the outstanding amounts be recovered and remitted to the national treasury.

In addition to the state-level loans, the audit also identified ₦116.18 billion in unrecovered funds related to banking interventions.