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CBN staff loans jump by 113%, hit N40b

THE Central Bank of Nigeria has said that it issued N40.67bn loans to members of its staff as of December 2022.

This was according to the apex bank’s audited financial statement for 2022.

It was observed that there was an increase of 133.07 per cent from N17.43bn in 2021 to N40.67bn in 2022.

CBN did not provide details on the number of staff members who were beneficiaries of the loan.

However, information on its website provided insight into the bank’s current staff strength.

The apex bank said, “From a bank-wide staff strength of 10,000 staff, excluding the over 2,000 casuals in the HQ and branches as at 1999, the bank operates with a substantially reduced staff strength of and (sic) 4,914 by December 2005, further down from 6,119 as at December 2004. It should be noted further that 79 percent of current staff are now professionals.”

The high debt was recorded despite the N155.63bn provided as staff allowances in 2022.

According to the report, the staff allowances included furniture, housing, leave, transport, productivity allowances and ‘others paid to staff during the period’.

The figure was N90bn higher than CBN’s recorded profit of N65.63bn within the period examined.

It was also 37.2 per cent more than the N113.35bn spent on staff allowances in 2021.

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Naija Times