Abdulfatah Ahmed, a former governor of Kwara State, called the Central Bank of Nigeria’s new monetary policy “a policy in the correct path capable of enhancing the nation’s democracy.”
Ahmed, a financial expert, claimed in an interview with journalists in Ilorin on Tuesday that the new policy will ensure that the elections set for February and March 2023 go as planned and help to shape the nation’s democracy.
He added that Nigeria had more cash outside the banking industry than it did inside, contending that currency is only intended for use in the trade of goods and services, not as a kind of value storage.
Ahmed, a former governor of Kwara State who served two terms, explained the CBN’s monetary policy.
It is a good policy in my opinion. In order to manage and track the flow of cash in the system, it will assist the CBN in maintaining control over and ensuring that its monetary policy is effective within the constraints of what is already available in cash.
You’ll all concur with me if you’ve been paying attention to the state of our economy lately that we have more cash available than you do in the banking sector.
And what is money? Cash is not intended to be a store of value; rather, it is used to facilitate the exchange of commodities and services. Trouble arises when it starts to serve as a store of value. It indicates that someone is retaining anything that ought to be circulated merely because it is reachable.
Take this back to the bank, the CBN is telling you right now. If you want to hold it, place it with the deposit institutions that serve as custodians. You withdraw when necessary to exchange products and services. Second, I think it was a brilliant move. This is due to the prominence of money in the elections across the country. The ramifications are that it has impaired our ability to challenge those who want to rule us in the future. Because we are distracted by money taken up front, it has also muddled our ability to question what programs they have for us or to assess if they actually deserve to be voted in or not.
For the first time, the change in the naira will make it more challenging to have access to money practically for that reason. Therefore, the policy is informing us that selecting leaders will no longer be primarily driven by financial considerations.
“It’s a step forward if that’s the one important thing we manage to accomplish. However, as it takes time to perfect, not everything we want can be obtained overnight. In the 1950s, the US overcame vote box thievery. We’ll eventually get through ours as well. Every policy that moves us closer to it should be supported. We shouldn’t give up. It goes beyond personal preferences. Selflessness is key to bolstering our democracy, he remarked.
The former PDP governor criticized the current APC administration in the state, complaining that he observed a significant mismatch between current policies and those previously in place under previous administrations, which he claimed would have benefited the populace.
“I view governance from a gradual viewpoint, where the bulk of state residents gain. The continuity perspective should be used to view governance. I see a lot of disconnect in some of the policies we implemented as of right now, where people ought to be gaining from them by now.
“This gap typically results in the waste of public resources since initiatives are not carried out to the point where people can benefit. Policy implementation and program creation are inconsistent, he claimed.
He recommended the APC government to pay attention to the programs being implemented on the ground and, where necessary, review and reform them for the state’s overall welfare and to protect taxpayer money.
He also pointed out inconsistencies in the economy, infrastructure, education policy, and health programs, claiming that there was no connection between old and new programs for the state’s betterment.