Nigerian govt begins central bank forensic audit, to overhaul civil service payroll

President Bola Tinubu said on Friday a comprehensive forensic audit of the Central Bank of Nigeria (CBN) has commenced.

The president stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja.

He said the Federal Government would also undertake a thorough overhaul of the civil service payroll to ensure transparency and accountability in the system.

The president said: “A comprehensive forensic audit is ongoing at the Central Bank. We are going to do a very serious structural review of the civil service payroll. I can’t believe in the numbers I’m 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.”

Tinubu, who highlighted Nigeria’s resilience and intellectual prowess, urged the Bretton Woods institution to view the country as a significant player within the global community and not solely as a struggling economy.

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‘‘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.

On poverty alleviation, the president called for increased support from the World Bank and expressed optimism for a productive collaboration between Nigeria and the World Bank that would lead to mutual benefits and sustainable progress.

He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

In his remarks, Banga commended the president for his efforts at addressing the country’s economic challenges.

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