The Federal Government has raised concerns over irregularities in managing government funds, accusing the Central Bank of Nigeria of misappropriating N2.73tn in interest payments from Ways and Means advances. The allegation was disclosed in the consolidated financial statement for the year ended December 31, 2021, submitted to the National Assembly by the Auditor-General. The report highlighted that the CBN retained interest charges for its sole benefit rather than returning them to the Consolidated Revenue Fund, contrary to constitutional and financial regulations. The negative cash balance of the CRF included various overdrafts totaling N17.1tn, with no proper approvals or documentation. The government demanded the immediate refund of the N2.73tn interest charges from the CBN and emphasized the need for accountability and proper financial management to avoid fiscal risks. The Auditor-General recommended justifying the overdrafts to the National Assembly’s Public Accounts Committees and applying appropriate sanctions for irregular payments from public funds. It also pointed out weaknesses in internal control processes as a significant risk to public finance.
CBN misappropriated N2.7tn interests on Ways and Means – Auditor-General
