The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) to provide a clear explanation regarding its decision to terminate the employment of over 1,000 staff members and approve a severance package worth N50 billion. This demand was made during an investigative hearing of the House Ad-hoc Committee, chaired by Bello Kumo, in Abuja on Friday.
Represented by the Deputy Speaker, Benjamin Kalu, Abbas emphasized that the investigation aims to address the economic and social implications of such a large-scale layoff amidst the nation’s current economic struggles. He stressed the need for fairness and due diligence in determining the compensation package for the affected staff.
“The impact of laying off over 1,000 staff on their families and the broader economy cannot be ignored,” Abbas stated. He further noted that the committee would probe whether the principles of fairness, due process, and transparency were adhered to in arriving at the severance package.
Abbas acknowledged the CBN’s need to improve operational efficiency but insisted that this should not come at the expense of employee welfare or institutional stability. “As a legislative body, we understand the need for leaner government operations. However, such actions must be balanced against employee rights and the long-term effects on institutional trust,” he said.
He urged the CBN and other stakeholders to cooperate fully with the committee, reinforcing the importance of maintaining public trust through transparency and accountability. The hearing is expected to shed light on the rationale behind the layoffs and ensure that employee rights are upheld in line with national labour standards.
