President Bola Tinubu says a comprehensive forensic audit of the Central Bank of Nigeria (CBN) is underway, while a thorough overhaul of the civil service payroll is imminent.
A comprehensive forensic audit is ongoing at the Central Bank; We are going to do a very serious structural review of the civil service payroll,” Mr Tinubu said during an audience with World Bank president Ajay Banga on Friday in Abuja.
The president added, “I can’t believe the numbers I’m seeing, and I’ve had that experience before at the state level.”
Vowing to block the loopholes in the payroll system, Mr Tinubu said although carrying out a reform could be costly, his administration will embark on it.
Highlighting Nigeria’s resilience and intellectual prowess, the president implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling 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 alleviation, the president called for increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the global financial institution that would lead to mutual benefits and sustainable progress.
He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.
Mr Tinubu shared insights into his administration’s substantial reforms, including consolidating improvements in Nigeria’s oil industry, enhancing the ease of doing business, and prioritising security to boost revenue generation.
He pointed out the importance of electricity generation for economic development, highlighting the turning of sod on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.
He explained that this project signifies the administration’s commitment to a comprehensive approach, which encompasses power generation, distribution, energy transition and tariff adjustments.
While calling for a positive partnership with the World Bank, Mr Tinubu emphasised key focus areas, including job creation, digitisation and national identity management.
He also requested the World Bank’s support in addressing the challenges posed by removing cross-sectoral subsidies, particularly in lessening the impact on the less-privileged Nigerians.
In his remarks, Mr Banga commended the president for his efforts in addressing the country’s economic challenges.
”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,” he said.