President Bola Tinubu has disclosed the commencement of a full forensic audit of the Central Bank, to uphold transparency and accountability.
He further addressed concerns regarding fiscal mismanagement and revealed plans for an imminent overhaul of the Civil Service payroll.
President Bola Tinubu shared this information with the President of the World Bank, Mr. Ajay Banga, during their meeting at the Presidential Villa in Abuja, according to a statement from Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.
‘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.
Drawing attention to Nigeria’s resilience and intellectual capabilities, the President appealed to the Bretton Woods institution to acknowledge the nation’s substantial role on the global stage, beyond its economic challenges.
‘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.
To address poverty alleviation, the President called for more support from the World Bank, with optimism for the outlook of productive collaboration between Nigeria and the institution. The envisioned alliance aims to bring about mutual benefits and promote sustainable progress.
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In addition to that, the President touched on the ongoing endeavours to address issues, including subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.
According to Ngelale, Tinubu also 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 prioritizing security to boost the country’s revenue generation.
The President stressed the importance of electricity generation in advancing economic development, specifically noting the commencement of the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, which occurred on Friday.
The President clarified that this project reflects the administration’s dedication to a holistic approach, with power generation, distribution, energy transition, and tariff adjustments on the list.
Tinubu’s call for a mutually beneficial partnership with the World Bank came with a focus on critical areas, including job creation, digitisation, and National Identity Management.
He also requested the World Bank’s support in addressing the challenges posed by the removal of cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians
In his statement, Mr. Banga lauded Tinubu’s dedication and initiatives in confronting the economic challenges that the country is facing.
‘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.’