The Central Bank of Nigeria (CBN) disclosed that it provided loans amounting to N40.67 billion to its staff members by December 2022, as stated in its audited financial report for the same year. This reflects a significant increase of 133.07% compared to the N17.43 billion extended in 2021.
The specific number of staff members who benefited from these loans was not provided in the report. The CBN’s website, however, offers insight into its staff strength, revealing a reduction in employees from 10,000 in 1999 to 4,914 by December 2005, with the majority being professionals.
Despite allocating N155.63 billion for staff allowances in 2022, which included categories like furniture, housing, leave, transport, productivity, and other allowances, the bank recorded a high debt from staff loans. This allowance expenditure was notably higher than the bank’s profit of N65.63 billion during the same period.
The CBN’s financial statement revealed that over a seven-year period, it spent N1.2 trillion on personnel costs, resulting in a net income of N520.04 billion. The bank’s profit experienced fluctuations between 2016 and 2022, and staff emoluments witnessed a consistent rise of 119% during this period.
Opinion:
This financial data from the CBN suggests the complex dynamics between staff costs, allowances, and loans within the organization. This highlights the importance of prudent financial management and strategic decisions in maintaining a balanced fiscal approach while fulfilling staff needs.