Forensic audit of CBN underway – Tinubu tells World Bank

President Bola Tinubu has disclosed that a comprehensive forensic audit of the Central Bank of Nigeria (CBN) is underway, while a thorough overhaul of the Civil Service payroll is imminent.

,,,,,,He revealed this during an audience with the President of the World Bank, Mr. Ajay Banga on Friday at the Presidential Villa, Abuja.

A statement issued on Friday night by Ajuri Ngelale, Special Adviser to the President (Media & Publicity) quoted him as saying :

”A comprehensive forensic audit is on-going 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.

”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.”

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 more increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will 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.

President 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, and prioritizing 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 today on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.