The extravagant spending, according to them, includes the CBN governor, Yemi Cardoso, and his four deputies.
CISLAC claimed that reports stated that Cardoso and his deputies, who were nominated and confirmed by the Senate in September 2023, had spent over N10 billion on ultra-modern armoured vehicles.
“According to sources, Cardoso recently procured six armoured Lexus LX 600 2023 models for himself and his deputies: Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi. Insiders revealed that Mr Cardoso personally acquired two SUVs to be used in Lagos and Abuja, despite already having armoured vehicles in their convoy.
“Additionally, it has been alleged that Cardoso purchased about 20 new Toyota Camry cars at the rate of N85 million each for CBN management and board members. Further reports indicate that the governor and his deputies have significantly increased their annual housing allowances to nearly N1 billion, despite residing in official palatial residences in Maitama, Abuja,” CISLAC stated.
CISLAC’s and Transparency International Nigeria, Executive Director, Auwal Musa Rafsanjani, expressed deep concern over the continued extravagant spending amidst the country’s economic challenges.
He described such expenditure as irresponsible, particularly at a time the nation faced severe socio-economic difficulties, including rising poverty, growing insecurity, failing healthcare system, and an underfunded educational sector.
“We must hold ourselves accountable and take responsibility for the betterment of our nation. It is crucial that our government operates efficiently and effectively, serving the needs of the people and fostering sustainable development,” he said.
Rafsanjani stressed that reducing unnecessary spending was essential for effectively allocating resources, noting that there was need to cut down on ostentatious living and excessive spending by the officials as it would enable the funds be redirected towards creating value and investing in infrastructure and capital projects that could significantly improve the lives of Nigerians.
He said CISLAC was particularly concerned about the practice of allocating funds for the purchase of expensive and luxurious vehicles for ministries and parastatals.
