Nigeria's president says central bank undergoing forensic audit

Tinubu has embarked on the country's boldest reforms in years, ending the central bank's currency controls that kept the naira currency artificially strong and scrapping a petrol subsidy that cost the government $10 billion last year. "A comprehensive forensic audit is on-going at the Central Bank (of Nigeria)," a presidency statement quoted Tinubu as telling World Bank head Ajay Banga at a meeting in Abuja.

Nigerian President Bola Tinubu said on Friday the central bank was undergoing a comprehensive forensic audit as part of reforms following the suspension of the bank's governor in June. Tinubu has embarked on the country's boldest reforms in years, ending the central bank's currency controls that kept the naira currency artificially strong and scrapping a petrol subsidy that cost the government $10 billion last year.

"A comprehensive forensic audit is on-going at the Central Bank (of Nigeria)," a presidency statement quoted Tinubu as telling World Bank head Ajay Banga at a meeting in Abuja. Tinubu said the federal government's payroll would also be reviewed. This follows criticism by economic analysts that the government was losing billions of naira every year paying people not employed by the government, known as "ghost workers."

"We'll block all financial loopholes," said Tinubu. S&P Global Ratings on Friday revised its outlook on Nigeria to stable from negative, citing Tinubu's reforms which the credit ratings agency believes could benefit the country's growth and fiscal outcomes if delivered.

Tinubu, who was sworn into office on May 29, inherited an economy grappling with anaemic growth, record debt, shrinking oil production and widespread insecurity.

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