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 stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja.
”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,” he said.
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.
‘‘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,’’
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.
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.
The President of the World Bank, Mr. Ajay Banga had commended President Tinubu for his efforts in addressing the economic challenges of the country.
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