CBN Became ‘Den Of Malfeasance’ Before I Sacked Godwin Emefiele — Tinubu

President Bola Tinubu, in his Independence Day address on Sunday, spoke on measures his administration has undertaken to reverse the country’s economic trajectory from a destructive path towards progress for the mutual welfare of all citizens.

One of the steps mentioned by President Tinubu was the “thorough housecleaning” of the Central Bank of Nigeria (CBN), which he said had unfortunately devolved into “the den of malfeasance” prior to his inauguration on May 29, 2023.

The president noted that his removal of Godwin Emefiele as CBN Governor and subsequent nomination of Olayemi Cardoso as a replacement was one of those steps aimed at aligning monetary policies with the interests of all citizens rather than “the powerful and wealthy”.

In his words, “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.

“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.”

In order to foster employment and augment urban incomes, President Tinubu restated that his administration will provide investment funding for enterprises with promising potential.

President Tinubu also announced the extension of the social safety nets programme through the expansion of cash transfer programmes, benefiting an additional 15 million vulnerable households, starting in October.