The Civil Society Legislative Advocacy Centre (CISLAC) has condemned what it described as “extravagant spending by the leadership of the Central Bank of Nigeria (CBN) under Governor Yemi Cardoso.”
CISLAC’s Executive Director, Auwal Musa Rafsanjani, in a statement yesterday (Sunday, Sept. 1), expressed concern that amidst rising inflation and widespread hardship in Nigeria, the CBN Governor and his four deputies would spent over N10 billion on luxury armored vehicles, including six Lexus LX 600 models.
According to a recent report, the CBN also purchased about 20 new Toyota Camry cars at the rate of N85 million each for CBN management and board members.
The report further alleged that the Governor and his deputies “significantly increased their annual housing allowances to nearly N1 billion, despite residing in palatial official residences in Maitama, Abuja.”
The report quoted sources as saying that Cardoso recently procured six armored Lexus LX 600 2023 models for himself and his deputies—Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi, while the Governor personally acquired two SUVs to be used in Lagos and Abuja, despite already having such armoured vehicles on the CBN convoy.
The total market value of the armoured vehicles bought by the CBN for the Governor and his deputies, who were nominated and confirmed by the Senate in September 2023, is estimated at over N10bn, the report further alleged.
Reacting to the development, CISLAC urged the CBN leadership to take immediate measures to reduce the cost of governance and enhance accountability.
The group’s Executive Director expressed worry at such expenditure, emphasising the need for public officials to prioritize the nation’s pressing socio-economic challenges.
“We must hold ourselves accountable and take responsibility for the betterment of our nation,” Rafsanjani said, calling for a reduction in unnecessary spending so funds could be redirected toward infrastructure and other essential services.
“It is crucial that our government operates efficiently and effectively, serving the needs of the people and fostering sustainable development.”
He criticised the ongoing tendency to use public funds for luxury items, insisting that public service should reflect integrity rather than indulgence, disclosing that his group plans to support legislative scrutiny of budget appropriations to eliminate wasteful spending and promote responsible governance.
Rafsanjani reiterated the need for public service to not be seen as an avenue for showcasing wealth or engaging in competitions of affluence, but rather a position of honor and responsibility, noting that while his group is not opposed to any individual public officials using their legitimate private resources to acquire luxury vehicles, “it strongly condemns the use of public funds for such purposes.”
CISLAC argued that being in public service should be synonymous with integrity and honor, not an opportunity for indulging in excessive comfort and luxury.
“The recent actions by the CBN leadership, whereby ultra-modern armoured vehicles were purchased mirror similar patterns seen within the executive and legislative branches of government. This has contributed to the proliferation of convoys for ministers and Governors, a practice that CISLAC deems wasteful and detrimental to the economy,” the group’s statement read, in part.
“The extravagant spending on luxury vehicles and other non-essential items has put undue pressure on the nation’s economy, especially at a time when many Nigerians are grappling with hunger, poor infrastructure and insecurity.”
CISLAC insisted that public officials must be mindful of the resources they manage and prioritize public accountability and the judicious use of public funds, adding that their concern is further compounded by the fact that such expenses are repeatedly included in the budget year after year, leading to persistent financial strain on the country.
CISLAC called for a return to the practices of the Murtala administration, where public officials used a standard type and uniform cars, emphasizing that such measures promoted frugality and discipline.
Additionally, CISLAC advocated for the promotion of locally made and assembled vehicles, arguing that this would not only boost the economy but also reduce the dependency on imported high-end cars.
The organization also raised concerns about the lack of due process in these purchases, noting that many of them come with inflated figures, exacerbating the already dire economic situation.
Reflecting on past efforts, CISLAC noted that in 2012, the organization held a conference addressing the high cost of governance, where actionable measures were recommended to tackle the issue.
However, these recommendations have largely been ignored by both state and federal governments, leading to the current situation of unchecked spending and financial mismanagement.
CISLAC also highlighted the importance of investing in human capital and urged the government to empower public officials with the necessary skills and knowledge to drive progress, calling for a culture of innovation and creativity in governance, where new ideas can flourish and contribute to national transformation.
“In light of these concerns, CISLAC will continue to provide support to National and State Assemblies to ensure that budget appropriations are adequately scrutinized to remove duplication, waste, and outright diversion of public funds,” the group added in the statement.
“CISLAC emphasizes that public funds should be judiciously used to address the country’s most pressing needs, rather than being squandered on lavish lifestyles and unnecessary expenditures.”
