According to President Bola Tinubu, a full forensic audit of the Central Bank is currently being conducted, and a comprehensive revamp of the payroll system for the Civil Service is on the horizon.
This information was reportedly shared by the President of Nigeria on Friday at the Presidential Villa in Abuja during an audience with the President of the World Bank, Mr. Ajay Banga, according to a statement released by the Presidential Spokesperson, Ajuri Ngelale.
"A thorough forensic investigation is currently being carried out at the Central Bank. The payroll system for the Civil Service is set to undergo a comprehensive and in-depth structural examination. I've been in situations like this previously when I was working at the state level, and I just can't believe the figures I'm seeing.
"The reforms are in line with the Ease of Doing Business plan that is being implemented in Nigeria. We are going to close up any and all financial loopholes. The changes will focus on the way we work, a shift in mentality, and equal attention will be paid to teaching the populace. "It's expensive, but we're going to do it anyway," he remarked.
The President of Nigeria made a plea to the Bretton Woods institution, in which he highlighted Nigeria's resiliency and intellectual prowess, to regard the country as a significant actor within the global community rather than simply as an economy that is struggling.
''We stand as a thriving and educated society that is attempting to prevent anarchy via the use of strategic interventions. Your proactive engagement is in line with our effort to form a relationship, and he emphasised that together we will work towards pursuing mutual benefits that enhance all of us.
Concerning the reduction of poverty, the President made a plea for further assistance from the World Bank and voiced his hope for the possibility of a fruitful partnership between Nigeria and the World Bank that will result in reciprocal advantages and long-term development.
He also emphasised the continued efforts that are being made to address issues such as the removal of subsidies, mishandling of foreign exchange, exchange rates, inflation, liquidity, and management of debt.
A number of the significant reforms that President Tinubu's administration has implemented were discussed by him as well. These reforms include efforts to strengthen Nigeria's oil industry, make it easier for businesses to operate, and place a higher priority on maintaining national security in order to increase the country's overall revenue.
The President emphasised the significance of energy generation to the country's overall economic growth and pointed out that the groundbreaking ceremony for the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja, took place earlier today.
The President elaborated that the administration's commitment to a holistic strategy, which incorporates power generation, distribution, energy transition, and tariff changes, is exemplified by this particular project and the administration's explanation of that commitment.
President Tinubu highlighted major areas of attention, including job development, digitization, and National Identity Management, while also asking for a positive cooperation with the World Bank.
In addition, he asked the World Bank for assistance in resolving issues that have arisen as a result of the loss of cross-sectoral subsidies, specifically in mitigating the effect that this change will have on Nigerians who are less fortunate.
During the course of his speech, Mr. Banga expressed his gratitude to President Tinubu for the efforts he has made to solve the economic difficulties facing the nation.
"Yes, we give money, and our dollars are really significant; nevertheless, where we are really useful is our expertise and knowledge as well as our experience from many other marketplaces. You may be confident that we will continue to be your friend and business partner in this way; we won't just be there for you financially; we'll be there for you with our thoughts and our hearts as well.