Tinubu undertakes forensic audit of CBN to boost investors’ confidence

By Onome Amuge.

President Bola Tinubu says his administration has embarked on a comprehensive forensic audit of the Central Bank of Nigeria (CBN)  and a thorough overhaul of the civil service payroll to boost investors’ confidence in Africa’s largest economy.

Ajuri Ngelale, Tinubu’s special adviser on media & publicity, disclosed this in a statement detailing the meeting between the Nigerian president and Ajay Banga, the World Bank President, during the latter’s visit to the Presidential Villa in Abuja recently.

 The statement quoted the president 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.”

According to the president, the reforms are in tandem with Nigeria’s Ease of Doing Business programme and targeted at blocking all financial loopholes.

Highlighting Nigeria’s resilience and intellectual prowess, the president implored the World Bank 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 international financial institution 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.

The President 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, he emphasized key areas of focus, including job creation, digitization, and National Identity Management.

Tinubu 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,  Banga commended President Tinubu for his efforts towards addressing the country’s economic challenges.

The World Bank president also assured of the  financial institution’s assistance

of expertise and knowledge and our experience from many markets.

Banga said, ”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.”