The Central Bank of Nigeria (CBN) saw its wage bill surge by 106% to N608.5 billion in 2024 despite laying off thousands of workers.
In 2024, the CBN laid off approximately 1,000 staff members in a mass termination exercise carried out in four batches between March and May.
In its summary financial statements for the Year ended December 2024 seen by MoneyCentral, the CBN revealed that costs related to the layoffs (under the other staff expenses line item) in personnel expenses rose 712% to N306.62 billion, up from N37.75 billion in 2023.
“Included in the other staff expenses are early exit payments made during the year,” the CBN said.
Other components of Personnel expenses that made up the massive CBN wage bill include: Other staff allowances of N191.94 billion up 14% from 2023 levels, defined benefit plan expenses of N36.577 billion up 48%, wages and salaries of N55.6 billion, up 18% and pension costs (defined contribution plans) of N17.779 billion up 2.7% compared to 2023 levels.
These all added up to a CBN total 2024 wage bill of N608.54 billion, up a massive 106% in 1-year compared to N295.37 billion in 2023.
The CBN layoffs, attributed to organizational and human capital restructuring, led to a lawsuit filed by disengaged staff demanding N30 billion in compensation.
The affected staff argued that the process violated the CBN Act, which requires board approval for significant employment decisions, and that some were denied fair compensation.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said earlier in 2025 that the apex bank’s staff who left service in December last year initiated their voluntary disengagement with payment of full benefits.
The unusually high CBN wage bill was equivalent to 51.8% of its net operating income of N1.173 trillion for 2024.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
 saw its wage bill surge by 106% to N608.5 billion in 2024 despite laying off thousands of workers.){kind=link}