Tinubu informs the World Bank chief that the CBN’s forensic audit is underway

The President pleaded with the Bretton Woods organisation to see the nation not only as a suffering economy but also as a significant player in the international community.

The Central Bank is undergoing a rigorous forensic audit, according to President Bola Tinubu, and a complete reform of the Civil Service payroll is about to take place.

Tinubu revealed this at a meeting with the president of the World Bank, Mr. Ajay Banga, on Friday at the Presidential Villa, Abuja, according to a statement from the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

“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 just as a suffering economy, while highlighting the nation’s tenacity and intellectual prowess.

We strive to prevent chaos with deliberate 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.

In order to reduce poverty, the President called for additional support from the World Bank and expressed hope for fruitful cooperation between Nigeria and the World Bank that would result in win-win outcomes and long-term development.

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

Ngelale claims that Tinubu also discussed his administration’s significant reforms, such as those targeted at boosting the Ease of Doing Business, cementing advancements in Nigeria’s oil sector, and giving security priority in order to increase the country’s revenue creation.

He claimed that the President highlighted the turning of the sod earlier on Friday for the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, in his remarks about the need of energy generation for economic development.

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

Tinubu urged a fruitful collaboration with the World Bank and emphasised many areas that needed special attention, such as job development, digitization, and national identity management.

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

In his remarks, Mr. Banga praised Tinubu for his efforts 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. You may be confident that we will always be your friend and partner in this way—not just in terms of financial support, but also in terms of our minds and hearts.