President Bola Tinubu has stated that a complete forensic audit of the Central Bank is currently underway, and that a substantial revamp of the Civil Service payroll is approaching.
Tinubu announced this during an audience with the President of the World Bank, Mr. Ajay Banga, on Friday at the Presidential Villa in Abuja, according to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.
”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.
The President urged the Bretton Woods institution to see Nigeria as a vital actor in the global community, rather than just a suffering 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 reduction, the President asked for more World Bank support, expressing optimism for a fruitful relationship between Nigeria and the World Bank that will result in mutual advantages and long-term success.
He also emphasized ongoing efforts to address issues such as subsidy elimination, currency manipulation, exchange rates, inflation, liquidity, and debt management.
Tinubu also discussed his administration’s significant changes, including as those targeted at consolidating achievements in Nigeria’s oil industry, improving the Ease of Doing Business, and emphasizing security to increase revenue creation.
The President, he said, emphasized the importance of electricity generation for economic development, stressing the sowing of the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, earlier on Friday.
This project, according to the President, represents the administration’s commitment to a comprehensive approach that includes power generation, distribution, energy transition, and tariff modifications.
Tinubu underscored major areas of attention, including job development, digitization, and National Identity Management, while asking for a strong cooperation with the World Bank.
He also requested assistance from the World Bank in resolving the issues caused by the elimination of cross-sectoral subsidies, particularly in mitigating the impact on less affluent Nigerians.
Banga praised Tinubu for his efforts in tackling the country’s economic difficulties in his speech.
”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.”
