The Transparency Advocacy for Development Initiative (TADI) has dismissed as misleading and unfounded recent media reports alleging that the Central Bank of Nigeria (CBN) failed to remit or cannot account for ₦1.44 trillion and ₦16 trillion in public funds.
In a statement jointly signed by Comrade Yomi David and the Executive Director and Director of Programs and Public Relations of TADI, Adeniran Taiwo, the group expressed deep concern over what it described as sensational and inaccurate media narratives, particularly reports published by Sahara Reporters on December 10, 2025, which linked the alleged financial discrepancies to the current CBN Governor, Mr. Olayemi Cardoso.
According to the group, the allegations stem from a gross misinterpretation of the 2022 Auditor-General’s Report on Non-Compliance.
TADI clarified that the report merely raised an audit query concerning a recomputation of the CBN’s operating surplus for the 2022 financial year, amounting to about ₦1.445 trillion.
“This is an audit query, not a declaration of missing or stolen funds,” TADI stated, stressing that the issue predates Governor Cardoso’s assumption of office in September 2023 and therefore cannot be attributed to his administration.
TADI further explained that the Auditor-General’s report identified outstanding revenues totaling ₦1.768 trillion across 12 Ministries, Departments, and Agencies (MDAs), with the CBN recording the largest unresolved figure due to accounting and reconciliation differences.
The organization emphasized that such queries highlight the need for clarification and improved documentation, not evidence of financial mismanagement.
Addressing the widely circulated ₦16 trillion allegation, TADI described it as entirely fictitious and unsupported by any audit documentation.
“The ₦16 trillion figure does not appear anywhere in the 2022 Auditor-General’s Report. It is a political extrapolation and media invention, not an audit finding,” the statement said, adding that there is no documentary or factual basis for claims that such an amount was unremitted or mismanaged by the current CBN leadership.
The advocacy group also warned against holding Governor Cardoso responsible for financial irregularities that occurred before his tenure, noting that accountability must be tied to periods of administrative authority. It described attempts to link him to pre-2023 audit issues as unfair, illogical, and contrary to global public finance principles.
TADI condemned what it called the sensationalization of audit reports for political purposes, cautioning that such narratives undermine public confidence, distort oversight processes, and distract from addressing long-standing structural weaknesses in Nigeria’s financial governance system.
The organization acknowledged that upon assuming office, the Cardoso-led CBN inherited several unresolved audit issues, weak internal controls, and legacy compliance lapses. However, it commended the current leadership for initiating reforms aimed at strengthening debt recovery, improving internal audit systems, modernizing financial reporting, and enhancing transparency and cooperation with oversight institutions.
To prevent future misinterpretation of audit reports, TADI recommended greater transparency by the CBN on inherited audit issues, clearer audit reporting by oversight bodies, faster resolution of historical audit queries by the National Assembly, and more responsible, fact-based reporting by media organizations.
TADI concluded by reaffirming that the ₦1.44 trillion audit query is unrelated to the current CBN administration, while the ₦16 trillion claim has no factual or audit basis whatsoever. The group urged Nigerians to resist sensationalism and instead uphold truth, fairness, and responsible reporting in matters of public finance.
