ABUJA, Nigeria – President Bola Tinubu announced on Friday, August 4, 2023, that a comprehensive forensic audit of the Central Bank of Nigeria, CBN, is underway, and a complete overhaul of the civil service payroll is imminent.
President Tinubu revealed these measures during a meeting with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa in Abuja.
The reforms align with Nigeria’s Ease of Doing Business program and are part of a broader strategy to block financial loopholes and enhance fiscal integrity.
“A comprehensive forensic audit is on-going at the Central Bank. We will do a 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,” Tinubu told Mr. Banga. “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 added.
During the meeting, the Nigerian president emphasized his nation’s resilience and intellectual prowess, imploring the World Bank to view Nigeria as a valuable global player, not merely 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,” Tinubu said.
He further requested increased support from the World Bank for poverty alleviation efforts and expressed optimism for a productive collaboration that would result in sustainable progress.
The conversation also included discussions on critical economic issues like subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.
Tinubu shed light on his administration’s sweeping reforms, aimed at consolidating improvements in the oil industry, boosting Ease of Doing Business, and enhancing security to increase revenue generation.
A key highlight was the president’s emphasis on electricity generation for economic development, marked by the initiation of the first phase (350MW) of a 1,350MW power generation project in Gwagwalada, Abuja.
The project represents a commitment to an integrated approach to energy, encompassing power generation, distribution, transition, and tariff adjustments.
In his remarks, Mr. Banga praised President Tinubu’s efforts, stating, “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.”
The meeting serves as an affirmation of Nigeria’s resolve to foster financial transparency, bolster its economy, and forge stronger ties with international institutions like the World Bank.
The announcement of the audit and the payroll overhaul reflects a determination to tackle longstanding issues of mismanagement and corruption, with an eye on modernizing the nation’s infrastructure and economy.
