President Bola Tinubu has condemned the massive corruption in the Federal Civil Service due to loopholes in the payroll system.
Tinubu gave the condemnation in Abuja on Friday while receiving Ajay Banga, the World Bank President.
The president had said: “I can’t believe the numbers I’m seeing, and I’ve had that experience before at the state level.”
He said although carrying out a reform could be costly, but his administration would embark on it.
Tinubu said a comprehensive forensic audit of the Central Bank of Nigeria (CBN) was already going on.
He highlighted the resilience and intellectual prowess of Nigeria and appealed to the World Bank to view the country as a significant player within the global player and not 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 on poverty alleviation and expressed optimism of a productive collaboration between Nigeria and the global financial institution that would lead to mutual benefits and sustainable progress.
Tinubu also requested the World Bank’s support in addressing the challenges posed by removing cross-sectoral subsidies, particularly in lessening the impact on the less-privileged Nigerians.
He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.
Tinubu shared insights into his administration’s substantial reforms, including consolidating improvements in Nigeria’s oil industry, enhancing the ease of doing business, and prioritising security to boost revenue generation.
He stressed the importance of electricity generation for economic development and the turning of sod on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.
The president said the power project signified the administration’s commitment to a comprehensive approach, which encompasses power generation, distribution, energy transition and tariff adjustments.
In his remarks, Mr Banga commended the president for his efforts in addressing the country’s economic challenges.
“Yes, we give money and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets.
“In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that,” he said.