The Central Bank of Nigeria (CBN) has come under intense scrutiny following reports of extravagant spending on luxury vehicles and allowances for its top officials, despite the country’s ongoing economic hardships.
According to Daily Nigerian, CBN Governor Yemi Cardoso and his four deputies have reportedly acquired six armoured Lexus LX 600 vehicles, costing over ₦10 billion.
The governor has retained two vehicles for use in Lagos and Abuja, while each deputy governor received one.
In addition, the CBN is said to have purchased 20 Toyota Camry cars for management and board members at a total cost of approximately ₦84 million.
Insider sources revealed that the governor and deputies have allegedly increased their annual housing allowances to nearly ₦1 billion, despite residing in official Abuja residences.
Moreover, they have reportedly upgraded their international travel privileges to first class, receiving a nightly allowance of $7,000 for foreign trips.
This lavish spending has sparked outrage, especially given Nigeria’s current economic challenges, where many citizens struggle to afford basic necessities.
Further details about the Lexus LX 600, sourced from Fox7 Austin, describe the vehicle as a luxurious yet heavily armoured model, designed to withstand significant threats, including gunfire and grenade blasts.
The standard LX 600, with a turbocharged V6 engine, starts at $88,245, while the armoured versions can exceed $200,000, depending on the configuration.
The CBN’s expenditure choices have raised serious questions about its priorities during such a critical time for the Nigerian economy.
