Central Bank of Nigeria Expects to Spend N306bn on Workers Severance and Related Packages

The Central Bank of Nigeria (CBN) reported it spent N306.63 billion for employee-related expenses, including severance packages and workers’ allowances for employees who had opted for early retirement in 2024.

This expenditure is a 700% increase from the N37.7 billion of 2023. The central bank’s financial report highlights that N191.95 billion was spent on staff allowances and N55.62 billion was expended on wages and salaries.

The CBN’s Early Exit Programme (EEP) recently introduced provided financial rewards to employees who chose alternative career opportunities. Over 1,000 employees willingly resigned under the scheme, following an earlier restructuring that had affected 1,500 employees and led to the dismissal of 317 staff members.

The Central Bank of Nigeria has revealed that it spent N306.63bn to offset staff expenses and the emoluments of former employees it asked to take an early exit option from the bank in 2024.https://t.co/COVX7CZd3G

— Punch Newspapers (@MobilePunch) May 8, 2025