See details as CBN releases amount spent on staff, directors welfare in 2024

• The Central Bank of Nigeria has announced the magnitude it spent connected unit compensation for the afloat twelvemonth of 2024
• The slope disclosed this successful its audited fiscal report, which elaborate its show for the year
• According to the report, the magnitude includes salaries, severance compensation, allowances, and different related expenses

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Central Bank of Nigeria (CBN) has announced that it spent N306.63 cardinal connected staff-related expenses successful 2024.

The magnitude represents an summation of much than 700% from the N37.7 cardinal recorded successful 2023, arsenic the CBN made important severance payouts nether a voluntary exit programme.

CBN expenses to unit summation by 700% Photo credit: cbn
Source: UGC

The figures were captured successful the apex bank's consolidated and abstracted fiscal statements for the twelvemonth ended 31 December 2024.

CBN unit expenses implicit severance

The study showed that N191.95 cardinal was spent connected unit allowances, portion wages and salaries amounted to N55.62 billion.

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

More than 1,000 employees were said to person voluntarily resigned nether the EEP, pursuing an earlier shake-up that saw astatine slightest 317 unit sacked and astir 1,500 others affected.

The slope reportedly allocated implicit N50 cardinal for severance packages tied to the exercise.

The CBN said the EEP was a voluntary strategy designed to supply fiscal incentives to eligible employees from elder supervisors to lawman managers, equivalent to up to 5 years (60 months) of their gross yearly emoluments.

However, the fiscal study did not disclose the nonstop fig of beneficiaries oregon the existent size of the bank’s workforce.

However, it noted that unit expenses accounted for implicit 50% of the bank’s operating costs successful 2024, Punch reports.

CBN directors received implicit N2 billion Photo credit: cbn
Source: Getty Images

Breakdown of CBN's unit expenses

A breakdown of the study showed that defined payment program expenses roseate by 49% to N36.5 billion, portion pension contributions nether the defined publication program accrued marginally to N17.7 cardinal from N17.3 billion.

Staff allowances besides climbed from N168.6 cardinal successful 2023 to N191.9 billion.

The Bank’s Directors, comprising the Governor, 4 Deputy Governors, and 7 Non-Executive Directors, received full compensation of N2.85 cardinal successful 2024, including N1.33 cardinal successful salaries and different short-term worker benefits and N1.51 cardinal successful post-employment pension and aesculapian benefits.

CBN announces monolithic profit

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has announced a melodramatic fiscal turnaround, reporting a nett aft taxation of N38.8 cardinal for the 2024 fiscal year.

The fig represents a bounce backmost from a staggering N1.55 trillion nonaccomplishment recorded successful 2023.

In enactment with the Fiscal Responsibility Act 2011, the CBN volition transportation 80% of the Bank's nett to the Federal Government, portion retaining 20%.

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Source: Legit.ng