We’ll review civil service payroll — and block financial loopholes, Tinubu tells World Bank president

President Bola Tinubu says a comprehensive forensic audit of the Central Bank of Nigeria (CBN) is underway.

The president also said a thorough overhaul of the federal civil service payroll is imminent.

Tinubu spoke on Friday at the presidential villa during a meeting with Ajay Banga, the World Bank president. 

“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 said in a statement signed by Ajuri Ngelale, his special adviser on media and publicity.

“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.”

TheCable recently reported 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 Bretton Woods institution 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.

The president called for increased support from the World Bank to alleviate poverty in the country.

Tinubu said his administration is focused on substantial reforms, such as 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.