President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent.
The President disclosed this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja.
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.
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 around fuel 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 prioritising 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 the project signified 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, President Tinubu emphasised key areas of focus, including job creation, digitisation, and National Identity Management.
He 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.
Mr. Banga had commended President Tinubu for his efforts in addressing the economic challenges of the country.
Bello Wakili
