15 Aug Nigeria: Spending on national security hits record high

The Central Bank of Nigeria (CBN) spent a record N125.3 billion on national security last year – almost tripling from the year before.

Data revealed that between 2014 and 2022, CBN spent a total of N507 billion on national security, armed forces and state security, among others. Broken down across the years, CBN spent N38.5 bn in 2016; N19.3 bn in 2017; N44.9 bn in 2018; N21.4 bn in 2019; N8.6 bn in 2020; and N45.4 bn in 2021. The figure then leapt to N125.3 bn in 2022.

Other reports have shown that while Nigeria has one of the highest security expenditures in Africa, it also has the highest security threat – a 2019 report by the United Nations Development Programme, revealed Nigeria suffered 180,000 fatalities in 2017.

CBN stated: “Intervention activities expenses represent expenses carried out by CBN in connection with national security, federal government, state securities, armed forces, and financial sector capacity building where there is an important need for the fund.”