Tinubu plans to probe civil service payroll

President Bola Tinubu recently revealed some significant plans aimed at boosting Nigeria's economic attractiveness and addressing financial challenges. During a meeting with the President of the World Bank, Ajay Banga, at the Presidential Villa in Abuja, he disclosed that a comprehensive forensic audit of the Central Bank is currently underway.

This audit intends to plug any financial loopholes and enhance transparency, making the country more appealing to foreign investors.

Tinubu also highlighted his administration's determination to overhaul the civil service payroll system, expressing disbelief at the current numbers and drawing from his past experiences at the state level.

This reform aligns with Nigeria's Ease of Doing Business program and will involve not just structural changes, but also a shift in attitudes and increased public education.

He acknowledged the costliness of these reforms but emphasized their importance in creating a more robust financial system. Tinubu recognized the challenges posed by the removal of cross-sectoral subsidies and sought the World Bank's assistance in mitigating the impact on less privileged Nigerians.

The President emphasized Nigeria's resilience and intellectual prowess, urging the World Bank to view the country as a significant global player rather than solely focusing on its economic struggles. He expressed a desire for a partnership that would mutually benefit both parties and lead to enriching outcomes.

Furthermore, the President engaged in discussions about critical issues such as subsidy removal, foreign exchange management, exchange rates, inflation, liquidity, and debt management. These conversations reflect his commitment to addressing key economic concerns and steering Nigeria towards a more stable and prosperous future.