The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and four deputy Governors of the institution were alleged to have acquired six ultra-modern armored vehicles worth N10 billion despite the hardship Nigerians are facing.
According to the statement released by the Civil Society Legislative Advocacy Centre (CISLAC) Executive Director, Auwal Musa Rafsanjani, he expressed concern that amidst rising inflation and widespread hardship in Nigeria, Cardoso and his four deputies would spend over N10 billion on luxury armored vehicles, including six Lexus LX 600 models.
It was further alleged that Cardoso purchased about 20 new Toyota Camry cars at N85 million each for CBN management and board members. Further to the CISLAC report, it was stated that the CBN Governor and his deputies have significantly increased their annual housing allowances to nearly N1 billion, despite residing in official palatial residences in Maitama, Abuja.
The report further revealed that Cardoso got two Lexus LX 600 models for himself while the four deputies were allotted one Lexus LX 600 models each.
The procurement comes despite the governors already having SUVs as part of their convoy, the publication stated.
After two days after the CISLAC report, the Spokesperson of CBN, Sidi Hakama has yet to confirm nor dismiss the claims.
The development comes nearly a year after Cardoso was appointed by President Bola Ahmed Tinubu on September 15, 2023.
According to DAILY POST reports since the appointment of Cardoso, the Monetary Policy Committee has continued to tighten measures.
The latest was the interest rate increase to 26.75 percent in July 2024. This comes as the country’s inflation rate declined to 33.40 in July 2024 from 34.19 in June 2023.
However, despite the drop in inflation, the prices of goods have remained significantly high as the Naira to Dollar exchange rate stood at N1598.56 and N1645 in official and parallel foreign exchange markets on Friday.
CISLAC urged the CBN leadership to take immediate measures to reduce the cost of governance and enhance accountability.