The Central Bank of Nigeria (CBN) has revealed a disturbing surge in personnel costs, with expenses ballooning by a staggering 104% compared to 2023, according to the bank's recently released audited financial report.

In a concerning development for Nigerian taxpayers, the bank burned through an astronomical N595.9 billion on personnel expenses—more than double the N291 billion spent the previous year. At the group level, this personnel cost explosion was even more pronounced, jumping from N295.4 billion to a massive N608.5 billion.

The financial report exposes an equally troubling increase in total operating costs, which soared by 78% to reach N1.2 trillion, up from N673.4 trillion in 2023. Personnel costs alone devoured nearly half (49.7%) of the bank's entire operating budget, raising serious questions about fiscal responsibility and management priorities.

Despite claims of a "bullish performance," the CBN's deepening relationship with the International Monetary Fund raises red flags about Nigeria's growing financial dependence on external institutions. The bank's debt to the IMF has doubled to a concerning N5.07 trillion, while IMF's allocation of special drawing rights ballooned to N8.07 trillion.

More worrying still is the 37% increase in deposits, climbing from N38.23 trillion to N52.4 trillion—a jump that financial experts warn could severely crowd out private sector activity and stifle economic growth.

The CBN's attempts to paint a rosy picture by highlighting "improvements" in external reserves and cost efficiency ring hollow against the backdrop of these runaway expenses. While the bank touts its "strategic financial management," the numbers tell a different story—one of unchecked spending and questionable priorities during a period of economic hardship for ordinary Nigerians.

Even as the bank celebrates its exit from last year's N1.27 trillion loss to a surplus of N165.7 trillion, taxpayers are left wondering: at what cost? With personnel expenses more than doubling and operating costs spiraling upward, the CBN's financial management appears anything but "strategic" or "efficient."​​​​​​​​​​​​​​​​