The Central Bank of Nigeria (CBN) has announced that it spent N306.63 billion on staff-related expenses in 2024.

The amount represents an increase of more than 700% from the N37.7 billion recorded in 2023, as the CBN made substantial severance payouts under a voluntary exit programme.

The figures were captured in the apex bank's consolidated and separate financial statements for the year ended 31 December 2024.

CBN staff expenses over severance

The report showed that N191.95 billion was spent on staff allowances, while wages and salaries amounted to N55.62 billion.

The personnel expenses also included compensation for employees who opted into the bank’s “Early Exit Programme” (EEP), which was introduced in the wake of a restructuring led by CBN Governor Olayemi Cardoso.

More than 1,000 employees were said to have voluntarily resigned under the EEP, following an earlier shake-up that saw at least 317 staff sacked and about 1,500 others affected.

The bank reportedly allocated over N50 billion for severance packages tied to the exercise.

The CBN said the EEP was a voluntary scheme designed to provide financial incentives to eligible employees from senior supervisors to deputy managers, equivalent to up to five years (60 months) of their gross annual emoluments.

However, the financial report did not disclose the exact number of beneficiaries or the current size of the bank’s workforce.

However, it noted that personnel expenses accounted for over 50% of the bank’s operating costs in 2024, Punch reports.

Breakdown of CBN's staff expenses, directors

A breakdown of the report showed that defined benefit plan expenses rose by 49% to N36.5 billion, while pension contributions under the defined contribution plan increased marginally to N17.7 billion from N17.3 billion.

Staff allowances also climbed from N168.6 billion in 2023 to N191.9 billion.

The Bank’s Directors, comprising the Governor, four Deputy Governors, and seven Non-Executive Directors, received total compensation of N2.85 billion in 2024, including N1.33 billion in salaries and other short-term employee benefits and N1.51 billion in post-employment pension and medical benefits.

CBN announces massive profit

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has announced a dramatic financial turnaround, reporting a profit after tax of N38.8 billion for the 2024 financial year.

The figure represents a bounce back from a staggering N1.55 trillion loss recorded in 2023.

In line with the Fiscal Responsibility Act 2011, the CBN will transfer 80% of the Bank's profit to the Federal Government, while retaining 20%.