 intervention activity expenses has surged by 176.08 percent to N125.37 billion as at December 2022){kind=link}
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The Central Bank of Nigeria’s (CBN) intervention activity expenses has surged by 176.08 percent to N125.37 billion as at December 2022 from N45.41 billion as June 2021, according to the audited financial statement of the Bank.
The Bank said the Intervention activities expenses represents expenses that were carried out in connection with national security, federal government, state securities, armed forces, financial sector capacity building where there is important need for the fund.
“All payments made in relation to intervention activities embarked on by the Group are expensed as incurred,” said the CBN in a statement.
“However, payments made by the Group in relation to intervention activities on behalf of the Federal Government are recognised as receivables and are fully impaired after 12 months if the amount is not received from the Federal Government,” said the Bank.
Analysts say the rise in the intervention expenses are understandable given the heightened insecurity across the country such as kidnapping, banditry and the insurgency in the North.
Aside from the nefarious activities of the Boko Haram who have embarked on a campaign against Western education that has sparked wars and killings of innocent people, the farmers and herders fight is threatening food security and sovereignty.