The Arewa Youth Assembly has expressed grave concerns over the Central Bank of Nigeria’s (CBN) ongoing mass voluntary retirement program, alleging a disproportionate targeting of northern employees. The assembly contends that the exercise, purportedly affecting 1,000 employees with a N50 billion severance package, is not truly voluntary but rather a coercive tactic disguised as an “Early Exit Package.” They argue that this move not only violates the principle of federal character, designed to ensure equitable representation across all regions of Nigeria, but also poses a significant threat to national unity and socio-economic stability. The assembly’s Speaker, Mohammed Danlami, characterized the CBN’s actions as “grossly unethical” and warned of dire consequences, including increased unemployment, heightened mental health challenges, and a potential surge in insecurity.
The core of the Arewa Youth Assembly’s argument revolves around the principle of federal character, a constitutional provision aimed at preventing the dominance of any single region or ethnic group in federal institutions. They allege that the CBN’s downsizing exercise disregards this principle, potentially exacerbating existing imbalances in representation within the banking sector. Historically, they claim, northern employees have faced systemic marginalization within the financial industry, and the current wave of retirements, if skewed against them, would further solidify this discriminatory trend. The assembly has demanded transparency from the CBN, calling for a state-by-state breakdown of the affected employees to ascertain the veracity of their concerns and ensure accountability. They believe that such disclosure is crucial to verify compliance with the federal character principle and prevent any further erosion of the delicate balance of power and representation within the nation.
Beyond the issue of federal character, the Arewa Youth Assembly has also raised broader concerns about the socio-economic implications of the mass retirement program. In a nation already grappling with high unemployment and economic fragility, the sudden influx of 1,000 job seekers into the market could exacerbate existing challenges. They argue that the loss of income for these individuals, coupled with the psychological distress associated with job loss, could contribute to increased poverty, crime, and social unrest, particularly in the northern regions already burdened by significant economic hardships. The assembly contends that the CBN, as the apex financial institution, should be acutely sensitive to these realities and prioritize policies that promote economic stability and social well-being.
The Arewa Youth Assembly has proposed alternative solutions to address the CBN’s purported need for downsizing. Instead of outright layoffs, they suggest investing in retraining and reskilling programs that would equip existing employees with the skills necessary to transition into emerging sectors. This approach, they argue, would not only mitigate the negative impact on the affected individuals but also contribute to long-term economic growth by fostering a more adaptable and skilled workforce. They believe that such a proactive strategy would be more aligned with the CBN’s mandate to promote economic development and stability rather than contributing to unemployment and potential social unrest.
The assembly’s strong stance on this issue reflects a broader concern about equitable representation and economic justice within Nigeria. Their insistence on transparency and adherence to the federal character principle underscores the importance of inclusivity and balanced regional development in maintaining national unity. They fear that any perceived disregard for these principles could further fuel existing tensions and grievances, potentially destabilizing the country. They, therefore, urge the CBN to reconsider its approach, prioritize dialogue, and explore alternative solutions that address its internal needs while minimizing the negative impact on its employees and the broader economy.
The Arewa Youth Assembly’s call for accountability and their advocacy for alternative solutions highlight the need for a more nuanced and socially responsible approach to workforce management, particularly within critical institutions like the CBN. Their concerns resonate with the broader anxieties surrounding unemployment, economic inequality, and the imperative for inclusive growth in Nigeria. The assembly’s commitment to monitoring the CBN’s actions and their resolve to challenge any perceived injustice underscores their determination to protect the interests of the northern region and uphold the principles of fairness and equity enshrined in the Nigerian constitution. They believe that a strong and united Nigeria can only be built on a foundation of justice, inclusivity, and shared prosperity.
