The Civil Society Legislative Advocacy Centre (CISLAC) has strongly condemned the recent extravagant spending by the leadership of the Central Bank of Nigeria (CBN), urging for immediate measures to reduce the high cost of governance and enhance accountability in public office.

The criticism comes in response to reports that CBN Governor Yemi Cardoso and his four deputies—Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi—have allegedly spent over N10 billion on ultra-modern armored vehicles since their nomination and Senate confirmation in September 2023. The reports detail that Mr. Cardoso procured six armored Lexus LX 600 2023 models for himself and his deputies, including two SUVs for personal use in Lagos and Abuja.

Further allegations reveal that the CBN leadership also purchased approximately 20 new Toyota Camry cars, each at a cost of N85 million, for management and board members. In addition, the governor and his deputies have reportedly increased their annual housing allowances to nearly N1 billion, despite residing in official residences in Maitama, Abuja.

CISLAC’s Executive Director, Auwal Musa Rafsanjani, expressed deep concern over the irresponsible expenditures, especially in light of Nigeria’s ongoing economic challenges, including rising poverty, inflation, and inadequate public services. “It is crucial that our government operates efficiently and effectively, serving the needs of the people and fostering sustainable development,” Rafsanjani stated.

The organization emphasized the importance of reducing unnecessary spending to better allocate resources toward essential infrastructure, healthcare, education, and other critical sectors. CISLAC also criticized the continued practice of using public funds to purchase luxurious vehicles for government officials, a practice that the organization deems wasteful and detrimental to the economy.

CISLAC renewed its call for a return to the frugal practices of the Murtala administration, advocating for the use of standard, locally made vehicles for public officials to promote economic growth and reduce dependency on expensive imports. The organization also raised concerns about inflated figures in government procurements, which further strain the nation’s economy.

Reflecting on past efforts, CISLAC noted that recommendations from a 2012 conference on reducing the cost of governance have largely been ignored, leading to the current situation of unchecked spending. The organization reiterated the need for public accountability and the judicious use of public funds to address Nigeria’s most pressing needs.

CISLAC concluded by pledging continued support to the National and State Assemblies to ensure that budget appropriations are properly scrutinized to eliminate wasteful expenditures and financial mismanagement.