The President of Nigeria Bola Tinubu has reportedly said that a comprehensive forensic audit of the Central Bank of Nigeria (CBN) have started.
He made this known Friday in a meeting with the President of the World Bank, Mr. Ajay Banga at the Presidential Villa, Abuja.
President Tinubu also revealed plans to carry out a thorough overhaul of the Civil Service payroll.
Tinubu said “a very serious structural review of the Civil Service payroll” was necessary because he couldn’t believe in the numbers he is seeing.”
According to him, having once had a similar experience at the state level, the reforms are in tandem with Nigeria’s Ease of Doing Business programme.
The Guardian reports that president Tinubu said he’ll block all financial loopholes, saying the reforms will be targeted at the way he works, change of attitude and equally on educating people. “It’s costly but we will do it,” he said.
The inform source said that President Tinubu highlighted Nigeria’s resilience and intellectual prowess, and implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy.
He was quoted as saying that ‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions.
Addressing Mr.Banga and his entourage in the meeting, Tinubu said “Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all.”
On poverty alleviation, the President called for more increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will lead to mutual benefits and sustainable progress.
As reported by the medium, he also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.
A statement by Tinubu’s Special Adviser Media & Publicity, Ajuri Ngelale, shared insights into his administration’s substantial reforms, including those aimed at consolidating improvements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and prioritising security to boost the country’s revenue generation.
Truth Live News learned that President Tinubu pointed out the importance of electricity generation for economic development, highlighting the turning of sod earlier today on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.
He also explained that this project signifies his administration’s commitment to a comprehensive approach, which encompasses power generation, distribution, energy transition, and tariff adjustments.
President Tinubu emphasised key areas of focus, including job creation, digitisation, and National Identity Management, while calling for a positive partnership with the World Bank.
Among other things requested from the World Bank by the the president was a support in addressing the challenges posed by the removal of cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians.
Mr. Ajay Banga who commended President Tinubu for his efforts in addressing the economic challenges of the country, remarked that the world Bank will always be a friend and partner, not just with the money, but with their minds and hearts.
‘’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,” he said.