Amid widespread hardship, CBN governor, deputies allocate huge allowances to selves, buy N10 billion SUVs

• The top brass of the apex bank, who are expected to be the paragon of frugality and ensure the judicious use of scarce public resources, are said to be the ones indulging in mindless extravagance and selfish hedonism

Information on brazen case of profligacy, wasteful and reckless spending of public funds among the Central Bank of Nigeria (CBN) hierarchy has come to public knowledge.

The apex bank Governor Yemi Cardoso and his four deputies have acquired bulletproof SUVs worth over N10 billion, Daily Nigerian reports.

The top brass of the apex bank, who are expected to be the paragon of frugality and ensure the judicious use of scarce public resources, are said to be the ones indulging in mindless extravagance and selfish hedonism.

It’s reported that aside from the purchase of top of the range and high-end armoured vehicles for themselves, they also astronomically increase their allowances.

This is coming at a time the nation is mired in galloping inflation and cost of living crisis as many Nigerians grapple with widespread hunger, suffering and hardship.

It is reported that Governor Cardoso recently acquired six armoured Lexus LX 600 2023 models for himself and the four deputy governors—Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi—at a cost exceeding N10 billion.

Cardoso secured two SUVs for his personal use in Lagos and Abuja, while the other four deputies received one.

Furthermore, sources indicate that the officials already had armoured vehicles in their convoys before acquiring the new ones.

Additionally, it is claimed that about 20 Toyota Camry cars, each costing approximately N85 million, were purchased for CBN management and board members.

Reports also allege that the CBN governor and his deputies have significantly increased their annual housing allowances to around N1 billion, despite residing in official residences in Maitama, Abuja.

Moreover, they have reportedly upgraded their international travel privileges from business class to first class, with the cost of a first-class ticket from Abuja to New York currently around $15,000.

Their foreign travel allowances have also allegedly been increased, with each official reportedly receiving $7,000 per night during foreign trips.