EDITORIAL: Unpacking the CBN’s purported expenditure efficiency
Put differently, the extraordinary increase in personnel expenditure in 2024 was overwhelmingly driven by an exceptional personnel cost associated with the Bank’s staff exit programme, rather than by a comparable increase in its ordinary wage bill.1 billion of “other staff expenses” in 2025 remains attributable to restructuring or other exceptional items?
If out-of-pattern costs were responsible for most of the fall in the apex bank’s total personnel expenditure, last year, is there a case for categorising much of the movement from 2024 to 2025 as the unwinding of an exceptional cost rather than, by itself, proof of a dramatic improvement in the efficiency with which the CBN conducts its business?
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