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Tinubu Calls For Sweeping Reforms, Labels CBN  ‘Den Of Malfeasance

In a landmark address marking Nigeria’s 63rd independence anniversary, President Bola Tinubu has declared the Central Bank of Nigeria (CBN) a “den of malfeasance” in need of a comprehensive overhaul. 

Tinubu, who has already initiated the process, announced the appointment of a new leadership for the CBN.

During his nationwide broadcast on Sunday, October 1, 2023, President Tinubu revealed that a special investigator would soon present findings on past shortcomings and strategies to prevent their recurrence.

 He stressed that the future monetary policy set by the CBN would prioritize the welfare of all Nigerians, rather than serving the interests of the privileged few.

President Tinubu stated, “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.”

In addition to the CBN reforms, President Tinubu emphasized the importance of wise tax policies for economic fairness and development. 

He announced the inauguration of a Committee on Tax Reforms to enhance tax administration efficiency and address unfair fiscal policies hindering the business environment and economic growth.

To stimulate employment and boost urban incomes, President Tinubu revealed plans to provide investment funding for enterprises with high potential, along with increased investment in micro, small, and medium-sized enterprises.

 Furthermore, he announced the expansion of cash transfer programs to an additional 15 million vulnerable households, commencing this month.

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

Emefiele’s tenure at the CBN was marked by the redesign of N200, N500, and N1,000 banknotes, which sparked hardship and unrest in the country.

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