President Bola Tinubu has revealed that a comprehensive forensic audit of the Central Bank of Nigeria (CBN) is currently underway, and a thorough overhaul of the civil service payroll is imminent. Tinubu shared this information during a meeting with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa in Abuja on Friday.
“We are currently conducting a comprehensive forensic audit at the Central Bank. We are also planning a significant structural review of the civil service payroll. I’m quite taken aback by the numbers I’m seeing, and I’ve encountered similar situations at the state level before,” said Tinubu.
He emphasized that these reforms are aligned with Nigeria’s Ease of Doing Business program and are aimed at eliminating financial loopholes. The reforms will target work practices, mindset shifts, and education of the population, even though they might incur costs.
Tinubu highlighted Nigeria’s resilience and intellectual capacity, urging the World Bank to perceive the country as a significant global player beyond its economic challenges. He emphasized the importance of a strong partnership between Nigeria and the World Bank that will result in mutual benefits and sustainable progress.
During the discussion, Tinubu touched upon various economic issues, including poverty alleviation, subsidy removal, foreign exchange management, inflation, liquidity, debt management, and electricity generation. He also shed light on the administration’s reforms in the oil industry, Ease of Doing Business, and security enhancement.
Tinubu underscored the significance of electricity generation for economic development and pointed to the inauguration of the first phase of a 1,350MW power generation project in Gwagwalada, Abuja. He emphasized the administration’s comprehensive approach, encompassing power generation, distribution, energy transition, and tariff adjustments.
Tinubu outlined key areas of focus for partnership with the World Bank, such as job creation, digitization, and National Identity Management. He also sought the World Bank’s assistance in addressing challenges arising from the removal of cross-sectoral subsidies, particularly to mitigate the impact on vulnerable Nigerians.
In response, Banga commended Tinubu’s efforts in tackling the country’s economic challenges and expressed the World Bank’s commitment to providing expertise, knowledge, and experience beyond financial support.
