President Bola Tinubu has announced that a comprehensive forensic audit of the Central Bank is currently underway, and a thorough overhaul of the Civil Service payroll is imminent. This disclosure was made during a meeting with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa in Abuja on Friday, according to a statement by presidential spokesman Ajuri Ngelale.
Tinubu expressed his determination to carry out significant reforms aligned with Nigeria’s Ease of Doing Business program. He emphasized the need to address financial loopholes, transform work methods, adjust attitudes, and enhance public education. Despite acknowledging the expenses involved, he reaffirmed the commitment to these changes.
Highlighting Nigeria’s resilience and intellectual capabilities, Tinubu urged the World Bank to view the country as a valuable participant on the global stage rather than solely as an economy facing challenges. He stressed that Nigeria seeks strategic partnerships that yield mutual benefits.
Tinubu also discussed various economic concerns, including poverty alleviation, subsidy removal, foreign exchange management, exchange rates, inflation, liquidity, and debt management. He outlined his administration’s efforts in reforming the oil industry, improving the business environment, and boosting revenue generation through enhanced security measures.
The President emphasized the significance of electricity generation for economic progress and highlighted the commencement of a power generation project in Gwagwalada, Abuja. This project, comprising a 350MW first phase, aligns with the administration’s comprehensive approach to power generation, distribution, energy transition, and tariff adjustments.
Tinubu solicited the World Bank’s partnership in critical areas such as job creation, digitization, and National Identity Management. He also requested support in mitigating the impact of cross-sectoral subsidy removal on vulnerable Nigerians.
Mr. Banga, in response, praised President Tinubu’s efforts in addressing Nigeria’s economic challenges. He emphasized that the World Bank’s contributions extend beyond financial aid, encompassing expertise, knowledge, and experience from diverse markets, and assured ongoing collaboration.
