Reforms: Tinubu hosts World Bank Chief, speaks of forensic audit of CBN, poverty alleviation

*President Bola Ahmed Tinubu, GCFR, informs visiting World Bank President Ajay Banga a ‘comprehensive forensic audit’ of the Central Bank is underway, as  while a thorough overhaul of the Civil Service payroll is imminent

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, has informed Mr. Ajay Banga, President of the World Bank President, when he received the latter in audience at the Presidential Villa, Abuja, FCT, of a ‘comprehensive forensic audit’ of the Central Bank is underway.

President Tinubu also said the West African country as well would embark on a thorough overhaul of the Civil Service payroll.

Ajuri Ngelale, Special Adviser (SA) to the President on Media and Publicity, in a statement issued in Abuja, disclosed this development during an audience Banga Friday, August 4, 2023.

Tinubu stated that a comprehensive forensic audit is ongoing 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,” said the President.

He further noted: “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.”

Nigeria in the comity of nations

While highlighting Nigeria’s resilience and intellectual prowess, Tinubu implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy.

The President noted: “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.”

On poverty alleviation for consumers

As regards the significant issue of poverty alleviation  for millions of Nigerians in the face of the current growing hardships in the country, the President the global lending institution for increased support from the World Bank.

He as well expressed optimism for a productive collaboration between Nigeria and the World Bank that would lead to mutual benefits and sustainable progress.

The Spokesman also discussed the ongoing efforts at addressing issues, such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

The statement said 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 (EoDB).

According to prioritising security to boost the country’s revenue generation.

The President pointed out the importance of electricity generation for economic development, highlighting the turning of sod earlier Friday of the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, FCT.

Tinubu 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, Tinubu emphasised key areas of focus, 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 remarks, Mr. Banga commended Tinubu for his efforts in addressing the economic challenges of the country.

The World Bank Chief stated: “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.”