CBN Reports Significant Drop in Personnel Expenses for 2025

The Central Bank of Nigeria (CBN) recently published its 2025 audited financial statements, which received positive reviews, particularly highlighting Governor Olayemi Cardoso's efforts to enhance operational efficiency. Personnel expenses decreased from ₦608.5 billion in 2024 to ₦416.3 billion in 2025, a reduction of 31.6%.

At the bank level, expenses fell from ₦595.9 billion to ₦402.8 billion, a decline of 32.4%. However, the 2024 personnel expenses were unusually high due to exceptional costs related to a staff exit program, which inflated the figures.

While group wages and salaries increased from ₦47.0 billion in 2023 to ₦55.6 billion in 2024, the bulk of the 2024 personnel expenditure surge was attributed to early-exit payments. By 2025, "Other staff expenses" decreased significantly from ₦306.6 billion to ₦87.1 billion.

This raises questions about whether the reduction in personnel expenditure from 2024 to 2025 reflects true operational efficiency or merely the unwinding of exceptional costs.