Following plans by the Central Bank of Nigeria (CBN) to reduce its workforce by 1,000, the Arewa Youth Assembly (AYA) has said the layoff will destabilise the economy and increase the poverty level already being witnessed in the country.

The speaker of the assembly, Mohammed Salihu Danlami said the context in which the layoffs are proposed must be considered, since the country has been facing significant economic distress, a situation, he said, has exacerbated by various factors, including the aftermath of the COVID-19 pandemic, fluctuating oil prices, and ongoing security challenges.

He said, “This backdrop makes the timing of the CBN’s decision not only imprudent and it is unfathomable that an institution that is supposed to safeguard the financial health of the nation would engage in mass layoffs, thereby further destabilising the economy and increasing poverty levels.

“Arewa Youth Assembly vehemently rejects this course of action, deeming it a profound injustice against the Nigerian people, particularly those from the Northern region. At a time when our nation is grappling with severe economic challenges, the decision to let go of workers not only exacerbates the existing hardships but also reveals a disturbing disregard for the welfare of the citizens.”

He called on the CBN to demonstrate transparency by publishing the list of affected employees, broken down by state.

He however insisted that the layoffs, akin to recruitment processes, must comply with the Federal Character Principles intended to ensure equitable representation across geographical lines.