The Central Bank of Nigeria disclosed that it spent N306.63 billion in 2024 on staff expenses and exit packages for former employees who opted for early retirement.

This marks a more than 700% increase compared to the N37.7 billion spent in 2023.

It also indicated that a total of N191.95bn was spent on staff allowances, while N55.62bn was incurred as wages and salaries for its employees during the year.

The amount appeared under personnel expenses in the 2024 financial statement recently released by the apex bank and reviewed by our correspondent on Tuesday.

In 2024, the Central Bank of Nigeria announced that more than 1,000 staff members voluntarily resigned through its “Early Exit Programme.

This came after an earlier wave of shake-ups at the Central Bank, during which at least 317 staff were dismissed and around 1,500 others were impacted by an internal restructuring led by CBN Governor Olayemi Cardoso.

A severance package reportedly exceeding N50 billion was allocated for the exercise.

The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

The Early Exit Programme specified that financial incentives for employees from senior supervisor to deputy manager level would cover the remaining years of service, up to a maximum of 60 months, based on their current grade’s gross annual emoluments.

According to the Early Exit Programme, financial incentives for staff from senior supervisor to deputy manager level would be calculated based on the remaining period of their service, capped at a maximum of 60 months, using the gross annual emoluments of their current grade.

The N306.63 billion spent on staff-related expenses by the apex bank includes payments for employees who opted for an early exit scheme.

However, the financial report did not specify the number of employees involved or the payments made to those who were previously sacked.

The report did not disclose the total number of employees or the exact details of payments made to those who opted for the early exit scheme.

The financial breakdown indicates a continued rise in the bank’s compensation costs: Staff allowances increased from N168.6 billion to N191.9 billion, showing a consistent upward trend in recurrent spending; Defined benefit plan expenses jumped by 49%, reaching N36.5 billion; Wages and salaries grew modestly from N47 billion to N55.6 billion.

Also, Pension contributions under the Defined Contribution Plan edged up from N17.3 billion to N17.7 billion.

Furthermore, the bank’s expenditures included N152.74bn for administrative costs, N50bn for the banking sector resolution sinking fund, N8.67bn for intervention activities, and N53.95bn for the cost of sales.