Tinubu: CBN is den of malfeasance, needs thorough cleaning

President Bola Tinubu has described the Central Bank of Nigeria (CBN) as a “den of malfeasance” that needed thorough housecleaning.

Tinubu said he has started the housecleaning and has appointed a new leadership for the CBN.

The president said this in his nationwide broadcast to commemorate the country’s 63rd independence anniversary on Sunday, October 1, 2023.

He stated that his special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences, adding that monetary policy introduced henceforth by the apex bank would be for the benefit of all Nigerians and not for the worthy.

President Tinubu said: “I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted.

“Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.

READ ALSO: CBN Governor: Nigeria’s inflation, forex worrisome, I’ll tackle them

“Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.”

Tinubu recently appointed Dr Olayemi Cardoso as the CBN Governor following the controversial resignation of Godwin Emefiele, who has since been in the custody of the Department of State Services (DSS).

The CBN under Emefiele announced the redesign of N200, N500, and N1,000 banknotes which caused hardship and unrest in the country.

The Star