The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Central Bank of Nigeria (CBN) to clarify the sacking of about 1,000 staff members and the subsequent payment of a ₦50 billion compensation package to the disengaged persons.
Abbas made the request while opening an investigative hearing of the Ad-hoc Committee of the House, investigating the CBN’s termination/dismissal of staff members, on Friday, in Abuja.
He called upon the panel chaired by the Chief Whip of the House, Bello Kumo, to investigate the reason behind the decision, considering the economic challenges in the country.
Represented by the Deputy Speaker, Benjamin Kalu, Abbas emphasised the need for transparency in the matter, noting that the welfare and rights of the affected employees must be protected. 
Abbas also charged the committee to examine the process by which the ₦50bn severance package was determined.
A statement issued by the Chief Press Secretary to the Deputy Speaker, Livinus Nwabughiogu, on Saturday, quoted Abbas as saying, “The committee has been tasked with examining several critical aspects of this issue.
“First, we aim to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times. The impact of such a significant workforce reduction on the individuals, their families and the broader economy cannot be overlooked.
“Furthermore, the committee will scrutinise the process through which the N50bn severance package was determined. We must ascertain whether the principles of due diligence, fairness and due process were strictly adhered to in arriving at this figure.
“As a legislative body, we recognise the widely accepted principle of running a leaner and more efficient government. We also understand the CBN’s prerogative in determining policies that align with its operational efficiency.
“However, it is imperative that such decisions are balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability.”
He urged the apex bank and other affected agencies of government to cooperate fully with the panel to enable it to discharge its mandate.
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