- Ten Nigerian banks have spent about N589.88 billion on personnel costs in the first nine banks
- The personnel costs include salaries, pensions, and other staff costs in the first nine months of 2023
- The banks revealed that they increased their personnel expenses due to the high cost of living and inflation
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
As banks increased salaries to alleviate the effect of high living standards on their staff, about 10 banks in Nigeria spent N589.88 billion on personnel costs in the first nine months of 2023, representing a 33.2% increase from the N442.97 billion reported in the first nine months of last year.
