Auditor-general: Cbn Diverted N2.7 Trillion In Ways And Means Interests

The Nigerian government has expressed grave worries about irregularities in the management of public finances after accusing the Central Bank of Nigeria CBN , of embezzling N2.73 trillion in interest payments from Ways and Means advances.

Under reference number, AuGF/AR.2021/01 and dated July 31, 2024, the Auditor-General, Shaakaar Chira, submitted to the National Assembly the Nigerian governments consolidated financial statement for the year ending December 31, 2021, which included the allegation.

The dispute revolves around the Ways and Means facility, a short-term lending mechanism that the CBN offers the government to finance budget deficits.

The Nigerian government asserted in the report that the CBN kept interest charges of N2.73 trillion, utilising the money for its sole benefit instead of redistributing it back to the Consolidated Revenue Fund.

In addition to N4.4 trillion in Ways and Means advances, the CRFs negative cash balance as of December 31, 2021, was N17.1 trillion.