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” stating that it will influence the 2023 general elections.
Ahmed, a financial specialist, 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 run as planned and help to build 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 two-term Governor and the immediate past Governor of Kwara State, hailed the CBN’s monetary policy as a genius move and said that money had dominated the country’s elections and had prevented voters from challenging those who wanted to control them.
“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.
“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.
“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 strengthen our democracy,” he said.
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 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.
“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 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.
