CISLAC Lash CBN For Wasteful Spending Amid Economic Downturn, Cautions Cardoso

By Akinwale Kasali

Civil Society Legislative and Advocacy Centre, CISLAC, has lashed the Yemi Cardoso led- Central Bank of Nigeria, CBN, for spending lavishly and wastefully.

CISLAC said to curb lavish spending in light of the current economic hardship in the country, the CBN needs to be prudent and also play its role in reducing the high cost of governance, especially.

Auwal Musa Rafsanjani, the Executive Director of CISLAC, raised concerns in a statement on Sunday.

In the statement, CISLAC stated that such lavish spending in the Apex Bank involves the CBN leadership, including its Governor, Yemi Cardoso and his four deputies.

The CSO cited reports that over N10 billion was, allegedly, spent on ultra-modern armored vehicles, including six Lexus LX 600 2023 models for Cardoso and his deputies—Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi – the economic hardship in the country notwithstanding.

In the statement signed by Rafsanjani,  it alleged that Cardoso, allegedly, procured two additional SUVs for use in Lagos and Abuja, despite the availability of armoured vehicles in the existing convoy.

It furthermore added that about 20 new Toyota Camry cars were, allegedly, purchased for CBN Management and Board members at a rate of N85 million each.

The statement also indicated that the Governor and his Deputies have significantly increased their annual housing allowances to nearly one billion, despite residing in official residences in Abuja’s Maitama district.

Rafsanjani criticised these expenditures as irresponsible, particularly, in a time of severe ecnomic hardship confronting Nigerians.

He stressed that such spending exacerbated the country’s financial difficulties, diverting resources from critical areas like healthcare, education, and infrastructure development.

“We must hold ourselves accountable and ensure our government operates efficiently and effectively, focusing on the needs of the people and sustainable development”, Rafsanjani stated emphasising that reducing unnecessary spending is crucial for proper resource allocation.

CISLAC also highlighted the ongoing alleged misuse of public funds for the purchase of luxury vehicles for government ministries and parastatals, a practice the organisation argues serves only to comfort a few officials at the expense of national interest.

The organisation stressed that public service should be about integrity and responsibility, not a display of wealth.

“While CISLAC does not oppose public officials using their private resources to acquire luxury vehicles, it strongly condemns the use of public funds for such purposes”, the statement reads.

The organization also criticized the, alleged, lack of due process in these purchases, noting that, alleged, inflated figures often accompany them, further straining the economy.

Reflecting on past efforts, CISLAC pointed out that recommendations from a 2012 conference on reducing the cost of governance have largely been ignored, leading to the current situation of unchecked spending even in the midst of economic challenges.

The organisation called for a return to the frugality and discipline seen during the Murtala administration, where public officials used standardized vehicles.

CISLAC also emphasised the importance of investing in human capital and fostering innovation in governance to drive national progress.

CISLAC vows to continue supporting the National and State Assemblies in scrutinizing budget appropriations to eliminate waste, duplication, and mismanagement of public funds.

The centre reiterated that public resources should rather be directed towards addressing the economic hardship facing the country.