In 2023, the personnel cost stood at N295.3 billion but grew to N608.5billion by the end of the 2024 fiscal year.
The Central Bank of Nigeria’s personnel expenses skyrocketed from N295.3bn in 2023 to N608.5bn in 2024, financial statements reveal. The 104% increase includes N306.6bn in “other staff expenses” – containing early exit payments tied to last year’s controversial downsizing. Governor Olayemi Cardoso maintains the 1,000 December 2024 departures were voluntary, despite ongoing National Industrial Court challenges.
Thirty-three former employees allege constitutional violations in termination letters issued during the bank’s restructuring. Court documents obtained by SaharaReporters show claimants including Stephen Gana and Vivienne Usoro seeking reinstatement, arguing the process breached labour laws and internal policies. The case continues as the House of Representatives probes the N50bn severance package.
While pensions rose marginally (N17.3bn to N17.7bn), wages grew 18% to N55.6bn. The figures emerge alongside defined benefit plan increases (N24.5bn to N36.5bn), fueling debate about compensation policies during organizational reforms.
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