We’ll regain investors’ trust.
    The Central Bank of Nigeria (CBN) is currently the subject of an extensive forensic audit, according to President Bola Tinubu. He also announced that the Civil Service payroll would shortly undergo a comprehensive reform.

    He made these remarks yesterday in the Presidential Villa in Abuja, in front of an audience that included Mr. Ajay Banga, President of the World Bank.

    With reference to a similar experience he once had at the state level, Tinubu stated that “a very serious structural review of the Civil Service payroll” was required because he couldn’t believe the numbers he was seeing.


    The improvements go hand in hand with Nigeria’s goal to make doing business easier. All financial loopholes will be closed. The changes will focus on how we operate, a shift in mentality, and equally on teaching our populace. We would still do it, despite the expense, he assured.

    President Tinubu emphasized Nigeria’s tenacity and intellectual prowess while pleading with the Bretton Woods institution to see the nation as a significant actor in the international community rather than just a country with a troubled economy.

    We strive to prevent chaos with deliberate actions as a young, informed society. We are seeking a relationship, and your proactive engagement is consistent with that goal. Together, we will work to achieve results that benefit each of us.


    In order to reduce poverty, the President called for additional support from the World Bank and expressed hope for fruitful cooperation between Nigeria and the World Bank that would result in win-win outcomes and long-term development.

    The reduction of subsidies, improper management of foreign exchange, exchange rates, inflation, liquidity, and debt management were additional topics of his discussion.

    President Tinubu also provided insights into his administration’s significant reforms, including those aimed at consolidating advancements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and giving security priority in order to increase the country’s revenue generation.


    The President highlighted the turning of the sod earlier today on the first phase (350MW) of the 1,350MW power production project in Gwagwalada, Abuja, in order to emphasize the significance of energy generation for economic development.The administration’s dedication to a holistic strategy that includes power generation, distribution, energy transition, and tariff changes is demonstrated by this initiative, according to the President.

    President Tinubu emphasized critical areas of attention, such as job development, digitization, and National Identity Management, while urging for a fruitful cooperation with the World Bank.In order to decrease the impact on less fortunate Nigerians, he also asked for the World Bank’s assistance in addressing the problems caused by the elimination of cross-sectoral subsidies.In his remarks, Mr. Banga praised President Tinubu for his efforts in tackling the nation’s economic problems.

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