During a meeting with World Bank President Ajay Banga, President Bola Tinubu announced that a comprehensive forensic audit of the Central Bank is underway, along with a thorough overhaul of the Civil Service payroll.
He emphasized the need for serious structural review, stating disbelief in the numbers presented and comparing it to his previous experiences at the state level.
Tinubu mentioned that the reforms are in line with Nigeria’s Ease of Doing Business program, and the goal is to block all financial loopholes. The focus will be on changing work attitudes, improving efficiency, and educating the workforce, despite the associated costs.
President @officialABAT today received a visit from a @WorldBank delegation led by its President, Mr. Ajay Banga, at the Presidential Villa, Abuja. #AsoVillaToday pic.twitter.com/cP8UPJhGYN
— Presidency Nigeria (@NGRPresident) August 4, 2023
President Tinubu highlighted Nigeria’s resilience and intellectual prowess, urging the World Bank to see the country as a significant global player and not just a struggling economy. He sought increased support from the World Bank for poverty alleviation efforts and called for productive collaboration leading to mutual benefits and sustainable progress.
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During the discussion, Tinubu addressed ongoing efforts to tackle issues such as subsidy removal, foreign exchange mismanagement, inflation, liquidity, and debt management.
He also shared insights into his administration’s substantial reforms, including improvements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and prioritizing security for increased revenue generation. Tinubu emphasized the importance of electricity generation for economic development and mentioned a power generation project in Gwagwalada, Abuja, as a symbol of the government’s commitment to a comprehensive approach.
President Tinubu sought the World Bank’s support in various key areas, including job creation, digitization, and National Identity Management. He also expressed the need for assistance in addressing challenges posed by the removal of cross-sectoral subsidies, particularly for the less privileged.
World Bank President Ajay Banga commended Tinubu’s efforts in addressing Nigeria’s economic challenges and assured him of the World Bank’s continued partnership. He emphasized the institution’s role in providing expertise and knowledge beyond financial support, stating that they will be a friend and partner to Nigeria with their minds and hearts.