CBN Undergoes Forensic Audit As President Tinubu Seek Investor Confidence

ABUJA - President Bola Tinubu announced through his special assistant on media and publicity Mr. Ajuri Ngelale on Friday that an extensive forensic audit of the Central Bank of Nigeria (CBN) is currently underway, with a focus on bolstering investor confidence and ensuring transparency in the banking industry. Speaking during a meeting with World Bank President Ajay Banga at the Presidential Villa in Abuja, President Tinubu also revealed plans for a meticulous overhaul of the Civil Service payroll.

Expressing concern over the accuracy of the figures he had encountered regarding the Civil Service payroll, the President stressed the necessity for a comprehensive structural review and pledged to close all financial loopholes. Drawing upon his previous experience at the state level, President Tinubu asserted that the reforms would align seamlessly with Nigeria's Ease of Doing Business initiative.

"We are committed to conducting a thorough structural review of the Civil Service payroll. The numbers I have seen are simply unbelievable, and I have encountered similar situations in the past at the state level. These reforms will be in line with Nigeria's Ease of Doing Business program, and we will seal off all financial outlets. The reforms will target our work practices, change our mindset, and prioritize education among our people. It may come with a cost, but we will undertake it," President Tinubu stated.

The President urged the World Bank to recognize Nigeria's significant role in the global community, highlighting the nation's resilience and intellectual capability. He called for increased support from the World Bank in poverty reduction measures and expressed optimism for a fruitful collaboration that would yield mutual benefits and sustainable progress.

Furthermore, President Tinubu discussed ongoing efforts to tackle various economic challenges, including subsidy removal, mismanagement of foreign exchange, exchange rates, inflation, liquidity issues, and debt management. He underscored substantial reforms in Nigeria's oil sector, improvements in the Ease of Doing Business index, and the prioritization of security to boost revenue generation.

Emphasizing the critical role of electricity generation in economic development, President Tinubu confirmed that the first phase of the 1,350MW power generation project in Gwagwalada, Abuja had commenced earlier in the day with a groundbreaking ceremony. He reaffirmed his administration's commitment to a comprehensive approach encompassing power generation, distribution, energy transition, and tariff adjustments.

The President sought positive collaboration with the World Bank, particularly in areas such as job creation, digitization, and National Identity Management. He also appealed for the Bank's assistance in mitigating the impact of subsidy removal on disadvantaged Nigerians.

In response, Mr. Banga lauded President Tinubu's efforts in addressing Nigeria's economic challenges. He assured the President that the World Bank's support extended beyond financial aid, highlighting their expertise, knowledge, and experience from diverse markets.

"While we do provide financial assistance and our funds are essential, our real assistance lies in our expertise, knowledge, and experience gained from numerous markets. In this way, we will always be your friend and partner, not only with money but with our minds and hearts. You can rest assured of that," Mr. Banga reassured.