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Posted: 2025-05-12 08:40:31 UTC
This article contains some claims that are falsified. While not everything in the article is false, please proceed with extreme caution and verify any critical information independently.
This article contains some claims that are falsified. While not everything in the article is false, please proceed with extreme caution and verify any critical information independently.
Status
Last Updated
2025-05-12 08:40:43 UTC
Verified By
Rollup News
An audit report revealed that the Federal Ministry of Finance requested the monetisation of $700 million to support the 2020 federal budget. The CBN approved a debit of N265.65 billion, applying a higher exchange rate than the official rate. An unmonetised balance of $2.7 billion remained unaccounted for. The report recommended that the CBN Governor explain the movement and classification of the funds without proper authorisation and demanded the recovery of N13.3 billion and N350 million into the Federal Government’s account.
Monetisation of $700 million for the 2020 federal budget
CBN approved a debit of N265.65 billion with a higher exchange rate
Unmonetised balance of $2.7 billion unaccounted for
2% commission deducted from the monetised amount
Recommendations for the CBN Governor to explain the movement and classification of funds
Demand for the recovery of N13.3 billion and N350 million into the Federal Government’s account
Lack of proper authorisation for fund movement and classification
Unaccounted unmonetised balance of $2.7 billion
Unexplained 2% commission deduction
Need for CBN Governor to provide explanations and bank statements
Recovery of N13.3 billion and N350 million into the Federal Government’s account