CBN forensic audit, impending civil service payroll reform – Tinubu

The Central Bank of Nigeria (CBN) is currently the subject of a rigorous forensic audit, according to President Bola Tinubu, and a complete revamp of the public sector payroll is about to follow.

The president revealed this to Mr. Ajay Banga, the president of the World Bank, during their Friday meeting at the Presidential Villa in Abuja.

“A thorough forensic audit is being conducted at the Central Bank.

“The structure of the civil service payroll will be thoroughly reviewed. I’ve experienced this at the state level previously, but I can’t believe the figures I’m seeing.

“The reforms work hand in hand with Nigeria’s aim to make doing business easier.

“All financial loopholes will be closed. The changes will focus on how we operate, a shift in mentality, and equally on teaching our populace. Despite the expense, we will proceed, he declared.

The president urged the Bretton Woods institution to see Nigeria as a significant actor within the global community, not only as a suffering economy, while highlighting the nation’s fortitude and intellectual prowess.

“We strive to prevent chaos with calculated actions as a young, informed society. We are seeking a relationship, and your proactive engagement is consistent with that goal. Together, we will work to achieve results that benefit each of us.

The president expressed hope for a fruitful partnership between Nigeria and the World Bank that would result in shared advantages and long-term success when he appealed for enhanced World Bank support for eradicating poverty.

The reduction of subsidies, improper management of foreign exchange, exchange rates, inflation, liquidity, and debt management were additional topics of his discussion.

In order to increase the country’s ability to generate revenue, Tinubu discussed some of the significant reforms his administration has implemented, such as those targeted at boosting the Ease of Doing Business, prioritising security, and solidifying achievements in Nigeria’s oil industry.

He made reference to the sod being turned earlier today on the first phase (350 MW) of the 1,350 MW power generation project in Gwagwalada, Abuja, and emphasised the need of energy generation for economic development.

He clarified that the administration’s dedication to a holistic strategy that includes power generation, distribution, energy transition, and tariff changes is demonstrated by this initiative.

The development of jobs, digitization, and national identity management were among the areas of attention Tinubu stressed while urging a fruitful relationship with the World Bank.

In order to decrease the impact on Nigerians who are less advantaged, he also asked for the World Bank’s assistance in addressing the problems caused by the loss of cross-sectoral subsidies.

In his speech, Banga praised the president’s initiatives to address the nation’s economic problems.

“Yes, we donate money, and our dollars are very essential, but our skills, knowledge, and market experience are where we really help.

“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.