- President Tinubu initiates a comprehensive forensic audit of the Central Bank and overhaul of Civil Service payroll
- The reforms aim to block financial loopholes and align with Nigeria’s Ease of Doing Business program
President Bola Tinubu has stated that a comprehensive forensic audit of the Central Bank is currently underway and that a comprehensive overhaul of the Civil Service payroll is imminent.
According to presidential spokesman Ajuri Ngelale, the President disclosed this during an audience with World Bank President Mr Ajay Banga on Friday at the Presidential Villa in Abuja.
A comprehensive forensic audit is on-going at the Central Bank. We are going to do very serious structural review of the Civil Service payroll. I can’t believe in the numbers I’m seeing and I’ve had that experience before at the state level.
The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes. The reforms will be targeted at the way we work, change of attitude and equally on educating our people. It’s costly but we will do it, he said.
Highlighting Nigeria’s resilience and intellectual prowess, the President implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy.
‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all, he said.
On poverty alleviation, the President called for increased World Bank support, expressing optimism for a fruitful collaboration between Nigeria and the World Bank that will result in mutual benefits and long-term progress.
He also discussed ongoing efforts to address issues such as subsidy elimination, currency mismanagement, exchange rates, inflation, liquidity, and debt management.
President Tinubu also discussed his administration’s significant reforms, such as those aimed at consolidating improvements in Nigeria’s oil industry, improving the Ease of Doing Business, and prioritising security to increase revenue generation.
The President emphasised the importance of electricity generation for economic development, highlighting the sowing of the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, earlier today.
This project, according to the President, represents the administration’s commitment to a comprehensive approach that includes power generation, distribution, energy transition, and tariff adjustments.
President Tinubu emphasised key focus areas, including job creation, digitization, and National Identity Management, while calling for a positive partnership with the World Bank.
He also requested assistance from the World Bank in addressing the challenges posed by the elimination of cross-sectoral subsidies, particularly in mitigating the impact on less privileged Nigerians.
Mr. Banga commended President Tinubu for his efforts in addressing the country’s economic challenges in his remarks.
Yes, we give money and our dollars are very important but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts and you should be rest assured about that.
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