Tinubu receives World Bank President says audit ongoing at CBN, civil service payroll

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

The President disclosed this at the presidential villa on Friday, August 4, when he received the President of the World Bank, Mr Ajay Banga.

According to a statement issued by his spokesperson, Ajuri Ngelale, the President said:

''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."

President Tinubu appealed to the World Bank to support its reform programmes in alleviating poverty. He noted that collaboration between Nigeria and World Bank would be beneficial and fruitful.

President Tinubu appealed to the World Bank to support its reform programmes in alleviating poverty. He noted that collaboration between Nigeria and World Bank would be beneficial and fruitful.

President Tinubu noted ongoing efforts to address subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

Tinubu speaks on power, oil sector

On the oil sector, Tinubu shared an insight on how he intends to improve Nigeria's oil industry, enhance the ease of doing business, and prioritise security to boost 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 encompassing power generation, distribution, energy transition, and tariff adjustments.

While calling for a positive partnership with the World Bank, President Tinubu emphasised vital focus areas, including job creation, digitisation, and National Identity Management.

In his remarks, Mr Banga commended President Tinubu for addressing the country's economic challenges. He 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.''