A two-time Minister for Finance, Dr Kalu Idika Kalu, has described the recent Naira re-design policy of the Central Bank of Nigeria, CBN, as useless and ill-advised.Information Guide Nigeria

According to VANGUARD, the Wisconsin University-trained Economist argued that contrary to claims by the CBN, the policy was unable to checkmate vote buying during the just-concluded general elections.

He stated this while featured on the IkengaOnline monthly town hall meeting regretted that the policy instead of achieving any good objective brought misery to Nigerians.

Speaking on the topic: “Nigeria’s incoming Government: Prospects & Challenges”, the elder statesman who noted that “currency change is not even a monetary policy”.

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He called for purposeful planning to avoid plunging the country into economic confusion while tasking the incoming administration with purposeful planning as was the case in the early 80s.

The elder statesman who noted that “currency change is not even a monetary policy”, called for purposeful planning to avoid plunging the country into economic confusion.

According to him, there is so much wastage in the Federal, State and Local Government Areas as a result of financial recklessness which must be plugged by the incoming Government.

He strongly advocated a drastic slashing of the cost of governance for Nigeria to survive.

VANGUARD reports that Dr Kalu said: ” We are so far below what we should be in terms of infrastructure and safety nets. If we reduce the cost of governance, we save funds to grow the economy, develop the education and health sector; and also attract foreign investors. Nobody takes you seriously when you waste resources on the high cost of governance.NYSC Portal

” Therefore, for us to move forward as a country, the in-coming Government must cut down the cost of governance.”JAMB Result

The elder statesman regretted that “Nigeria borrowed so much from the US constitution but failed to borrow enough from her accountability system”.

The former presidential candidate of the New Nigeria Peoples Party, NNPP, advocated the establishment of the Office of Accounting in the country that would not be subject to political manipulations so it could independently investigate any financial misconduct of any Government official.

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