Auditor-General Flags ₦1.63 Trillion in Unrecovered and Unaccounted CBN Intervention Funds

The Auditor-General’s 2023 report has raised questions about ₦1.63 trillion linked to CBN intervention programmes. The figure includes ₦1.252 trillion in outstanding loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion under the Anchor Borrowers’ Programme. The report does not establish that the money was stolen. It flags unrecovered loans, missing records and insufficient documentation needed to assess beneficiaries, recoveries and the impact of the programmes. Auditors also raised concerns that some funds could have been diverted. SERAP has asked the CBN to disclose the beneficiaries of the loans, the amounts recovered and measures taken to recover outstanding funds. It also wants an independent reconciliation of the figures and has raised separate concerns over $6.23 million reportedly spent in connection with an election-funding request. The CBN’s response will be important for taxpayers, farmers, banks and state governments affected by these intervention schemes. Nigerians deserve clear records showing where public funds went, who benefited and whether the loans were repaid.

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