CBN Did Not Mismanage ₦1.44T or ₦16T – TADI

By Iyojo Ameh

The Transparency Advocacy for Development Initiative (TADI) has slammed recent media reports claiming the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso failed to account for ₦1.44 trillion and ₦16 trillion.

In a press briefing held on Friday in Abuja, TADI described the headlines, notably from Sahara Reporters, as “misleading” and “sensational.” The figures, the group said, stem from misinterpretations of the 2022 Auditor-General’s report and predate Governor Cardoso’s tenure.

“The ₦1.44 trillion relates to audit queries from 2022, not missing funds,” TADI said. “The ₦16 trillion figure has no basis in any audit document; it is a political extrapolation, not a fact.”

TADI emphasized that historical accounting differences, unrecovered loans, and systemic weaknesses across government agencies created the figures in question. These issues, it noted, are legacy matters inherited from the previous administration.

The advocacy group urged lawmakers, media, and the public to avoid holding Governor Cardoso accountable for pre-2023 irregularities, warning that such narratives undermine public confidence and distract from genuine reform efforts.

Since assuming office in 2023, TADI said, the Cardoso-led CBN has strengthened internal controls, improved debt recovery, modernized financial reporting, and enhanced cooperation with oversight institutions.

The organization called for transparent reporting, real-time compliance by government agencies, and responsible media coverage to protect the integrity of national financial institutions.

TADI concluded that the ₦1.44 trillion allegation is unrelated to the current administration, the ₦16 trillion claim is false, and Nigeria must focus on structural reforms rather than sensational headlines.