CBN Misappropriated Over $7 Billion from Interest on Ways and Means Advances.

The Auditor-General has accused the Central Bank of Nigeria (CBN) of misappropriating N2.73 trillion in interest payments from Ways and Means advances, raising concerns over irregularities in managing government funds.

The Federal Government has accused the Central Bank of Nigeria (CBN) of misappropriating approximately $7 billion in interest payments from Ways and Means advances, a staggering sum that raises serious concerns about irregularities in managing these critical government funds. According to an audit report, the CBN allegedly failed to account for N2.73 trillion in interest paid on such loans over several years. This revelation has sparked alarm among government officials and financial experts, who are demanding transparency and accountability in the management of public finances. The misappropriation is currently under investigation by relevant authorities.