CBN Staff Expenses Balloon to N498.5 Billion in 2024, Marking 141.5% Surge

BY Khadijat
May 4, 2025
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The Central Bank of Nigeria (CBN) has come under public scrutiny following the revelation that its staff-related expenses and allowances skyrocketed to N498.5 billion in 2024—more than double the figure recorded in the previous year.

According to official data, the CBN’s “Other Staff Expenses and Allowances” have steadily increased over the past five years.

However, the jump from N206.4 billion in 2023 to N498.5 billion in 2024 represents a staggering 141.5% year-on-year increase, the highest in recent memory.

Steady Rise Before Sudden Spike
A breakdown of the CBN’s staff-related expenditure from 2020 to 2024 is as follows:

2020 — N132.5 billion
2021 — N135.8 billion (2.49% increase)
2022 — N184.5 billion (35.9% increase)
2023 — N206.4 billion (11.9% increase)
2024 — N498.5 billion (141.5% increase)

While the figures showed modest growth between 2020 and 2023, the leap in 2024 has raised eyebrows among economic observers and civil society organizations.

Public Reactions and Concerns
Financial analysts describe the 2024 figure as “unprecedented,” particularly in a period when Nigeria is battling high inflation, currency volatility, and fiscal constraints.

“The jump is excessive and demands a thorough investigation,” said Dr. Chuka Ibeh, a public finance expert. “Even accounting for restructuring or potential staff retirement packages, this kind of leap raises questions about internal controls and financial discipline within the bank.”

The increase comes amid broader efforts by the federal government to reduce overhead costs and reform the public sector.

Calls for Transparency
Several advocacy groups are now calling on the CBN to provide a detailed breakdown of the 2024 expenditure, citing the need for greater accountability in public institutions.

“There’s no justification for this level of spending on staff without a transparent explanation,” said Aisha Mohammed, spokesperson for Budget Monitor Nigeria. “We expect the CBN to lead by example in terms of fiscal responsibility.”