CBN Spends N1.2 Trillion on Staff Salaries, Furniture, Housing, Others in 7 Years
- The Central Bank of Nigeria has revealed that it spent N1.2 trillion on staff welfare in seven years
- The bank disclosed this in its audited financial reports released recently
- The report said the amount includes salaries, furniture, housing, and transportation, among others
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Nigeria’s apex bank, the Central Bank of Nigeria (CBN), said it spent N1.2 trillion in seven years and recorded a net income of N520.04 billion.
The disclosure is contained in the bank’s audited reports for seven years, from 2016 to 2022, released on Friday, August 11, 2023, and showed a decline and recovery in its profit in those years.
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CBN's Staff payments increased by 119%
The development comes as staff payments increased steadily by 119% over the seven years.
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A consolidated and separate statement of bank accounts revealed a decline from N124.47 billion and N107.39 billion in 2017 to N43.77 billion in 2018.
Per the report, there was a further decline of N34.63 billion and N30.81 billion in 2019 and 2020 before increasing to N75.12 billion in 2o21.
At the end of the 2022 financial year, profit for the year surged to N103.85 billion just as staff payments spiked consistently, with N121.229 billion spent on personnel expenses in 2016, increasing to N135.95 billion in 2017 and N137.36 billion in 2018.
The amount spent on staff salary, allowances, and benefits rose to N168.034 billion, N183.601 billion, and N200.04 billion in 2019, 2020, and 2021 before dropping to N 265.87 billion in 2022.
CBN's lending to FG increases by 74%
The report showed that credit loss spending increased to N875.2 billion in 2022 from N498.2 billion in 2021.
CBN’s lending to the government made up as much as 74% of the loans and receivables that added N610 billion of the total impairment loss and credit loss expenses for the year.
The report reads:
“Net operating income was N1.2 trillion compared to N1.1 trillion in the same period in 2021. Total operating expenses rose from N1.1 trillion in 2021 to N1.2 trillion in 2022.”
The bank’s balance sheet grew from N21.91 trillion in 2016 to N57.99 trillion in 2022. The liabilities rose from N21.22 trillion to N56.39 trillion.
CBN fights to strengthen Naira, mops N150 billion from Access Bank, Zenith, others, via OMO Auction
Legit.ng reported that the Central Bank of Nigeria has mopped up about N150 billion via the Open Market Operation (OMO) auction on Thursday, August 10, 2023, to fight inflation and reduce excess liquidity, putting pressure on the Forex market.
The OMO auction began around 9.40 am on Thursday, August 10, 2023, and closed at 10.40. It had N30 billion in 96-day tenured bills, N40 billion in 187-da7, and N80 billion in 362-day bills.
The move is CBN’s first auction since July, when it raised interest rates.
Source: Legit.ng
