The Central Bank of Nigeria (CBN) has come under fire for recent expenditures reportedly amounting to several billions of naira, despite the ongoing economic challenges facing the country. The bank’s spending spree includes the acquisition of armoured vehicles and substantial allowances for its top officials.
According to reports from Daily Nigerian, the newly appointed CBN governor, Yemi Cardoso, along with his four deputies, have acquired six armoured Lexus LX 600 vehicles, with each vehicle costing over N10 billion. The governor is said to have retained two of these luxury SUVs for use in Lagos and Abuja, while the deputies each received one. Additionally, the CBN reportedly purchased 20 Toyota Camry cars for its management and board members, worth an estimated N84 million.
Insider sources also claim that the governor and his deputies have significantly increased their annual housing allowances to approximately N1 billion, despite already residing in official government-provided residences in Abuja. Furthermore, these officials have allegedly upgraded their international travel privileges to first-class, with a nightly allowance of $7,000 for foreign trips.
Ejes Gist News reports that the CBN’s top officials, including Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi, were nominated and confirmed by the Senate in September 2023. The bank’s recent spending has sparked outrage, particularly in light of the current economic difficulties in Nigeria, where many citizens struggle to afford basic necessities.
The Lexus LX 600, according to information from www.fox7austin.com, is based on the latest Toyota Land Cruiser and is favored by government agencies and aid organizations in hostile regions. The armoured version of the vehicle is designed to withstand shots from a 7.62mm rifle and simultaneous blasts from two hand grenades, and it includes features like night vision cameras and escape hatches. The standard LX 600 starts at $88,245, while the armoured versions can exceed $200,000.
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Efforts by Sahara Reporters to contact the CBN’s spokesperson, Hakama Sidi-Ali, for comments were unsuccessful, as he did not respond to calls or messages at the time of reporting.
The bank’s lavish spending has raised serious questions about its priorities, especially at a time when many Nigerians are grappling with economic hardships.