The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) to explain its decision to terminate the employment of approximately 1,000 staff members and disburse a N50 billion severance package. The Speaker’s concerns were raised during an investigative hearing conducted by an Ad-hoc Committee in Abuja on Friday.
Abbas, represented by Deputy Speaker Benjamin Kalu, emphasized the need for transparency, especially during a period of economic hardship affecting many Nigerians. He directed the committee, chaired by Chief Whip Bello Kumo, to thoroughly investigate the reasons behind the mass layoffs and ensure that due process and fairness were observed in the determination of the severance payments.
“The impact of such a significant workforce reduction on individuals, their families, and the broader economy cannot be overlooked,” Abbas stated. He added that the welfare and rights of the affected employees must remain a priority and that transparency is crucial for maintaining public trust in national institutions.
The Speaker tasked the committee to scrutinize the CBN’s decision-making process, particularly regarding the rationale for the severance figure, and determine whether principles of fairness and due diligence were followed.
While acknowledging the need for a leaner and more efficient government, Abbas stressed that these goals should not come at the expense of employee welfare or institutional stability.
The committee was urged to work collaboratively with the CBN and other relevant government agencies to ensure the investigation is comprehensive and conclusive.
This inquiry comes amid growing concerns about economic pressures in the country and the potential ripple effects of significant job losses in critical sectors. The outcome of the investigation is expected to shed light on the bank’s actions and their alignment with operational and economic priorities.