Abdulfatah Ahmed, a former governor of Kwara State, has described the new monetary strategy of the Central Bank of Nigeria as a policy that will promote the nation’s democracy.Information Guide Nigeria
Ahmed, a financial specialist, stated in an interview with journalists in Ilorin on Tuesday that the new strategy will define the country’s democracy and ensure the success of the elections slated for February and March 2023.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to him, currency is intended for the exchange of goods and services and not as a store of value, and Nigeria has more cash outside of the banking industry than inside.
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Ahmed, a two-term governor and former governor of Kwara State, hailed the Central Bank of Nigeria’s monetary policy as a masterstroke, adding that money had been at the forefront of the nation’s elections and had impeded the ability of the populace to question those who seek to dominate.
“As far as I am concerned, it’s a good policy. It will help the CBN control and ensure that its monetary policy are functional within the premises of what’s available in cash, so that they can manage and monitor the flow of cash in the system.
“As a keen observer of our current economic situation, you’ll all agree with me that we have more cash outside the banking industry than you have in the banking industry.
“And what’s cash? Cash is meant for intermediation for exchange of goods and services and not meant for store of value. When it becomes store of value, there’s trouble. It means somebody is holding on to what should be going round just because it’s available to be held.JAMB portal
“Now, the CBN is saying take this thing back to the bank. If you want to hold it let it be with the custodians; deposit banks. When you need it, you withdraw for exchange of goods and services.
“Secondly, I see it as a master stroke. This is because money has been in the forefront of the nation’s elections. The implications in that it has beclouded our capacity to question those who want to come and take responsibility of ruling us. It has also beclouded our capacity to question what programmes they have for us or to see whether they truly deserve to be voted in or not because we get beclouded with money taken upfront.
“For the first time, this change in naira will make it a bit difficult for cash to be available as it were for that purpose. So, what the policy is telling us is that money will not be at the forefront in determining how we select leaders again.NYSC portal
“If that’s one key thing we’re able to achieve, it’s a way forward. Though, all we desire can’t be achieved in one sweep as it takes time to perfect it. US overcome ballot box snatching in the 50s. We’ll overcome ours too with time. Every policy at taking us inching towards it should be embraced. We shouldn’t be hopeless. It’s beyond individual interests. It’s about selflessness to strenghten our democracy,” he said.
The former PDP governor berated the present APC administration in the state, saying that he saw a lot of disconnect from policies already put in place by past administrations were he said people could have benefitted from.
“I take governance from stepwise perspective, where benefits are created for majority of people in the state. Governance should be seen from continuity perspective. As it is today, I see a lot of disconnect in some of the policies we put in place where by now people would have been benefiting from.JAMB Result
“This disconnect usually lead to wastage of public resources as projects are not taken to completion level where people could benefit from. There are incongruences in policy application and programme development,” he said.
He recommended the APC administration to utilize programs encountered on the ground to analyze and alter them, when applicable, for the state’s overall benefit and to safeguard public expenditures.
In addition, he noted inconsistencies in health programs, education policies, the economy, and infrastructure, stating that there was no connection between old and new programs aimed at enhancing the state’s welfare.
In addition, he noted inconsistencies in health programs, education policies, the economy, and infrastructure, stating that there was no connection between old and new programs aimed at enhancing the state’s welfare.
