President Bola Tinubu and World Bank president, Ajay Banga
Eko Hot Blog reports that President Bola Tinubu has revealed the motive behind a comprehensive forensic audit of the Central Bank of Nigeria (CBN).
Tinubu spoke on Friday at the presidential villa during a meeting with Ajay Banga, the World Bank president.
According to a statement by the president’s spokesperson, Ajuri Ngelale, he didn’t like the numbers he saw when he assumed office.
President Bola Tinubu and World Bank president, Ajay Banga
“A comprehensive forensic audit is ongoing at the apex bank. We are going to do a very serious structural review of the civil service payroll,” Tinubu was quoted as saying.
“I can’t believe in the numbers I am seeing and I have 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.”
Recall that the president appointed Jim Obazee, former chief executive officer of the Financial Reporting Council of Nigeria, to investigate the CBN and related entities.
Tinubu also said the World Bank should view the country as a significant player on the global stage, 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.
President Bola Tinubu meeting the World Bank team, including its president, Ajay Banga
The president called for increased support from the Bretton Woods institution to alleviate poverty in the country.
Tinubu said his administration is focused on substantial reforms, such as overhauling the federal civil service payroll, consolidating improvements in the oil industry, enhancing the ease of doing business, and prioritising security to boost revenue generation.
On his part, Banga commended Tinubu for his efforts in addressing the economic challenges of the country.
He said the World Bank would support Nigeria not only with financial aid but also with knowledge and guidance on regulatory and fiscal policies.
Banga said Tinubu’s determination to address Nigeria’s challenges, including the issue of petrol subsidy, was laudable
The World Bank president said correcting the situation (petrol subsidy) was crucial to avoid an unsustainable fiscal deficit.
He said, “On fuel subsidy, you have a fiscal deficit that remains unsustainable. So, he’s trying to do all the right things. Now, the question is, how do you navigate through the next few months, where you can send the economy on the right parts of the future?
“As I discussed, Nigeria has to be an African champion. If Nigeria becomes an African champion, then we know that the African continent has a country with the largest gross domestic product (GDP) headed in the right direction. That’s his vision and that was the vision we shared.”
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